Common use of Report of the Financial Exigency Committee Clause in Contracts

Report of the Financial Exigency Committee. 34.4.1 The Financial Exigency Committee shall make its report to the Board within 50 working days of its appointment. If the Financial Exigency Committee finds that a state of financial exigency exists, it shall recommend the amount of reduction in expenditure required for OC’s continued viability. It shall also recommend the proportion of the reduction to be achieved by laying off employees, or by other means of reduction. 34.4.2 If the Financial Exigency Committee does not report within the time limit set out above in section 34.4.1, the Board may declare that a financial exigency exists, but if the Board does so, it must set out clear reasons as to the basis for the declaration. 34.4.3 A copy of the report of the Financial Exigency Committee shall be provided to the Association within five (5) working days of receipt by the Board. If the Financial Exigency Committee finds that a state of financial exigency exists, the Association shall invite its members to recommend proposals for the use of voluntary measures to bring about savings in expenditures. 34.4.4 Where the Financial Exigency Committee determines that the conditions constituting a financial exigency exist, a thirty (30) calendar day period shall elapse before the Board may declare a financial exigency. During that period the parties shall meet and consider the recommendations of the Committee with respect to the implementation of the financial exigency. The parties may reach agreement on other mutually acceptable methods of reducing expenditures or increasing revenues that could avert the layoff of employees.

Report of the Financial Exigency Committee. 34.4.1 37.4.1 The Financial Exigency Committee shall make its report to the Board within 50 working days of its appointment. If the Financial Exigency Committee finds that a state of financial exigency exists, it shall recommend the amount of reduction in expenditure required for OCOUC’s continued viability. It shall also recommend the proportion of the reduction to be achieved by laying off employees, or by other means of reduction. 34.4.2 37.4.2 If the Financial Exigency Committee does not report within the time limit set out above in section 34.4.137.4.1, the Board may declare that a financial exigency exists, but if the Board does so, it must set out clear reasons as to the basis for the declaration. 34.4.3 37.4.3 A copy of the report of the Financial Exigency Committee shall be provided to the Association within five (5) working days of receipt by the Board. If the Financial Exigency Committee finds that a state of financial exigency exists, the Association shall invite its members to recommend proposals for the use of voluntary measures to bring about savings in expenditures. 34.4.4 37.4.4 Where the Financial Exigency Committee determines that the conditions constituting a financial exigency exist, a thirty (30) calendar day period shall elapse before the Board may declare a financial exigency. During that period the parties shall meet and consider the recommendations of the Committee with respect to the implementation of the financial exigency. The parties may reach agreement on other mutually acceptable methods of reducing expenditures or increasing revenues that could avert the layoff of employees.

Report of the Financial Exigency Committee. 34.4.1 29.4.1 The Financial Exigency Committee shall make its report to the Board within 50 working days of its appointment. If the Financial Exigency Committee finds that a state of financial exigency exists, it shall recommend the amount of reduction in expenditure required for OC’s continued viability. It shall also recommend the proportion of the reduction to be achieved by laying off employees, or by other means of reduction. 34.4.2 29.4.2 If the Financial Exigency Committee does not report within the time limit set out above in section 34.4.129.4.1, the Board may declare that a financial exigency exists, but if the Board does so, it must set out clear reasons as to the basis for the declaration. 34.4.3 29.4.3 A copy of the report of the Financial Exigency Committee shall be provided to the Association within five (5) working days of receipt by the Board. If the Financial Exigency Committee finds that a state of financial exigency exists, the Association shall invite its members to recommend proposals for the use of voluntary measures to bring about savings in expenditures. 34.4.4 29.4.4 Where the Financial Exigency Committee determines that the conditions constituting a financial exigency exist, a thirty (30) calendar day period shall elapse before the Board may declare a financial exigency. During that period the parties shall meet and consider the recommendations of the Committee with respect to the implementation of the financial exigency. The parties may reach agreement on other mutually acceptable methods of reducing expenditures or increasing revenues that could avert the layoff of employees.