Sale of Assets; Consolidation; Merger. (a) The Constituent Companies will not, and will not permit any of their Significant Subsidiaries to, Dispose of all or substantially all of its properties and assets to any Person; provided that this provision shall not apply to any such Disposition by (1) any Significant Subsidiary (other than the Company) to a Constituent Company or to any other Subsidiary (which is or by reason of such transfer becomes a Significant Subsidiary) in which a Constituent Company owns all of the voting capital stock or other equity or voting interests that are ordinarily entitled, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such Subsidiary or (2) the Company to the Parent Guarantor.
Appears in 7 contracts
Samples: Agreement (Hawaiian Electric Co Inc), Hawaiian Electric and Subsidiaries (Hawaiian Electric Co Inc), Agreement (Hawaiian Electric Industries Inc)