RESTRICTION ON INTERESTED DIRECTORS Sample Clauses

RESTRICTION ON INTERESTED DIRECTORS. Not more than 33% of the persons serving on the Board of Directors at any time may be interested persons. An interested person is (1) any person being compensated by the Corporation or an affiliate (hereafter, an “Affiliate”), within the meaning of Section 5031 of the California Nonprofit Corporation Law, for services rendered to it within the previous 12 months, whether as a full-time or part-time employee, independent contractor, or otherwise, excluding any reasonable compensation paid to a Director as a Director; and (2) any brother, sister, ancestor, descendant, spouse, brother-in-law, sister-in-law, son-in-law, daughter-in-law, mother- in-law, or father-in-law of any such person. For purposes of these Bylaws, an “independent” Director shall mean a Director who is not an interested person within the meaning of this Section. Any violation of the provisions of this Section shall not affect the validity or enforceability of any transaction entered into by the Corporation.
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RESTRICTION ON INTERESTED DIRECTORS. No director may participate in a decision of the board of directors in which that director has a material financial interest. A violation of the provisions of this Section 7 will not, however, affect the validity or enforceability of any transaction entered into by the corporation.
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Related to RESTRICTION ON INTERESTED DIRECTORS

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  • Restriction on Transfer, etc Unless it is expressly permitted in this Agreement, you will not sell, transfer, assign, mortgage, enter into a derivative transaction concerning, or otherwise deal in any way with your escrow securities or any related share certificates or other evidence of the escrow securities. If a Securityholder is a private company controlled by one or more principals (as defined in section 3.5 of the Policy) of the Issuer, the Securityholder may not participate in a transaction that results in a change of its control or a change in the economic exposure of the principals to the risks of holding escrow securities.

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