Common use of Power to Effect Reorganization Clause in Contracts

Power to Effect Reorganization. If permitted by applicable law including without limitation the Act and the Investment Authority Acts, the Board, by vote or written approval of two- thirds (2/3) of the Board appointed and serving, may select or direct the organization of a corporation, association, trust, or other person with which Michigan CLASS may merge or that shall take over the Investment Property and carry on the affairs of Michigan CLASS, and after receiving the affirmative vote of not less than a majority of all of the Participants, and a second affirmative vote of not less than two- thirds (2/3) of the Board appointed and serving, the Board may effect such merger or may sell, convey, and transfer the Investment Property to any such corporation, association, trust, or other person in exchange for cash or shares or securities thereof or beneficial interests therein with the assumption by such transferee of the liabilities of Michigan CLASS; and thereupon the Board shall terminate Michigan CLASS and deliver such cash, shares, securities, or beneficial interests ratably among the Participants of Michigan CLASS in redemption of their investments.

Power to Effect Reorganization. If permitted by applicable law law, including without limitation limitation, the Act and the Investment Authority Acts, the Board, by vote or written approval of two- thirds (2/3) of the Board appointed and serving, may select select, or direct the organization of a corporation, association, trust, or other person with which Michigan CLASS may merge merge, or that which shall take over the Investment Property and carry on the affairs of Michigan CLASS, and after receiving the affirmative vote of not less than a majority of all of the Participants, and a second affirmative vote of not less than two- two-thirds (2/3) of the Board appointed and serving, the Board may effect such merger or may sell, convey, and transfer the Investment Property to any such corporation, association, trust, or other person in exchange for cash or shares or securities thereof thereof, or beneficial interests therein with the assumption by such transferee of the liabilities of Michigan CLASS; and thereupon the Board shall terminate Michigan CLASS and deliver such cash, shares, securities, securities or beneficial interests ratably among the Participants of Michigan CLASS in redemption of their investments.