Common use of PRIVATE COMPANY Clause in Contracts

PRIVATE COMPANY. (a) The Company is a private Company. (b) The right to transfer the shares of the Company shall be restricted in the manner hereinafter appearing; (c) The number of the shareholders of the Company (not including persons who are in the employment of the Company, and persons who, having been formerly in the employment of the Company were while in that employment and have continued after the termination of that employment to be shareholders of the Company) shall be limited to fifty, provided that, for the purposes of this provision, where two or more persons hold one or more shares in the Company jointly they shall be treated as a single shareholder; and (d) No invitation shall be issued to the public to subscribe for any shares or debentures or debenture stocks of the Company. 3A CHARITABLE CONTRIBUTIONS The Company may donate reasonable sums of money and/or issue securities of the Company representing up to tenth of one percent (0.1%) of its issued and outstanding share capital, to any worthy purpose or entity approved by the Board of Directors of the Company even if such donation is not made for business consideration.

Appears in 7 contracts

Samples: Series A1 Preferred Share Purchase Agreement (Negevtech Ltd.), Preferred Share Purchase Agreement (Negevtech Ltd.), Preferred Share Purchase Agreement (Negevtech Ltd.)

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