PROCEDURES IN THE EVENT OF WINDING UP Sample Clauses

PROCEDURES IN THE EVENT OF WINDING UP. 7.1 In accordance with Government regulations applicable to all Non-Departmental Public Bodies, in the event that ICAI is wound up, DFID shall put in place arrangements to ensure an orderly process. In particular DFID should ensure that the assets and liabilities of ICAI are passed to any successor organisation and accounted for properly. In the event that there is no successor organisation, the assets and liabilities of ICAI should revert to DFID. To this end, DFID shall: • undertake to meet all obligations of ICAI on the date at which notice of winding up was given, and to any supplier of goods and services for any period for which ICAI is committed; • ensure that procedures are in place in ICAI to gain independent assurance on key transactions, financial commitments, cash flows and other information needed to handle the wind-up effectively and to maintain the momentum of work inherited by any residuary body; • specify the basis for the valuation and accounting treatment of ICAI’s assets and liabilities, if any exist; • ensure that arrangements are in place to prepare closing accounts, and pass to the C&AG for external audit, and that funds are in place to pay for such audits; and • arrange for the most appropriate person to sign the closing financial statements. In the event that another NDPB takes on the role, responsibilities, assets and liabilities, the succeeding NDPB Accounting Officer should sign the closing financial statements. In the event that DFID inherits the role, responsibilities, assets and liabilities, the DFID Principal Accounting Officer should sign. List of Annexes Annex A: Principles, Roles and Responsibilities for Interaction between Government Departments and ICAI on reviews Annex B: Financial Memorandum Annex C: Written Ministerial Statement Annex D: DFID Service Provision Annex E: List of Government- wide Corporate Guidance Instructions Signed by the Chief Commissioner Date: 15 May 2018 Signed by the Secretary of State Date: 15 May 2018 Annex A: Principles, Roles and Responsibilities for Interaction between Government Departments and ICAI on reviews
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Related to PROCEDURES IN THE EVENT OF WINDING UP

  • NO DISSOLUTION, NO NULLIFICATION To the extent permitted by law, the parties hereby waive their rights pursuant to Articles 6:265 to 6:272 inclusive of the Dutch Civil Code to dissolve (ontbinden), or demand in legal proceedings the dissolution (ontbinding) of, this Agreement. Furthermore, to the extent permitted by law, the parties hereby waive their rights under Article 6:228 of the Dutch Civil Code to nullify (vernietigen), or demand in legal proceedings the nullification (vernietiging) of, this Agreement on the ground of error (dwaling).

  • Dissolution and Termination (a) The Company shall not be dissolved by the admission of Substitute Members or Additional Members. The Company shall dissolve, and its affairs shall be wound up, upon:

  • Dissolution and Winding Up The Company shall dissolve and its business and affairs shall be wound up pursuant to a written instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

  • Suspension and Termination of Proceedings 1. Where the Parties agree, the arbitral tribunal may suspend its work at any time for a period not exceeding 12 months from the date of such agreement. If the work of the arbitral tribunal has been suspended for more than 12 months, the authority for establishment of the tribunal shall lapse unless the Parties agree otherwise.

  • Dissolution The Company shall be dissolved and its affairs shall be wound up on the first to occur of the following:

  • Dissolution and Winding Up of the Company Dissolution. The Company will be dissolved on the happening of any of the following events: Sale, transfer, or other disposition of all or substantially all of the property of the Company; The agreement of all of the Members; By operation of law; or The death, incompetence, expulsion, or bankruptcy of a Member, or the occurrence of any event that terminates the continued membership of a Member in the Company, unless there are then remaining at least the minimum number of Members required by law and all of the remaining Members, within 120 days after the date of the event, elect to continue the business of the Company.

  • Dissolution of Entity The Contractor shall notify the County immediately of any intention to discontinue existence of the entity or to bring an action of dissolution.

  • Winding Up Affairs Upon Termination In the event that this Contract is terminated for any reason, the parties agree that the provisions of this paragraph survive termination:

  • Suspension and Termination of Procedure 1. The disputing Parties may agree to suspend the work of the Panel at any time for a period not exceeding 12 months following the date of such agreement. In any event, if the work of the Panel has been suspended for more than 12 months, the authority of the Panel shall lapse, unless the disputing Parties agree otherwise. If the authority of the Panel lapses and the disputing Parties have not reached an agreement on the settlement of the dispute, nothing in this Article shall prevent a Party from requesting a new proceeding regarding the same matter. 2. At any time prior to the release of the Panel report, the Parties may agree to terminate the procedures before a Panel by jointly notifying the chair of the Panel on this respect.

  • Winding Up Upon dissolution of the Company, the Company shall continue solely for the purposes of winding up its business and affairs as soon as reasonably practicable. Promptly after the dissolution of the Company, the Manager shall immediately commence to wind up the affairs of the Company in accordance with the provisions of this Agreement and the Act. In winding up the business and affairs of the Company, the Manager may, to the fullest extent permitted by law, take any and all actions that it determines in its sole discretion to be in the best interests of the Members, including, but not limited to, any actions relating to (i) causing written notice by registered or certified mail of the Company’s intention to dissolve to be mailed to each known creditor of and claimant against the Company, (ii) the payment, settlement or compromise of existing claims against the Company, (iii) the making of reasonable provisions for payment of contingent claims against the Company and (iv) the sale or disposition of the properties and assets of the Company. It is expressly understood and agreed that a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the satisfaction of claims against the Company so as to enable the Manager to minimize the losses that may result from a liquidation.

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