Common use of Senior Management and Board of Directors Clause in Contracts

Senior Management and Board of Directors. 1. A Member State shall not require that a juridical person of that Member State appoint to senior management positions, natural persons of any particular nationality. 2. A Member State may require that a majority of the board of directors of a juridical person of that Member State, be of a particular nationality, or resident in the territory of the Member State, provided that this requirement does not materially impair the ability of the investor to exercise control over its investment.

Senior Management and Board of Directors. 1. A Member State shall not require that a juridical person of that Member State appoint to senior management positions, natural persons of any particular nationality. 2. A Member State may require that a majority of the board of directors of a juridical person of that Member State, State be of a particular nationality, nationality or resident in the territory of the Member State, provided that this the requirement does not materially impair the ability of the investor to exercise control over its investment.