Subchapter S Election. The Company (i) is a validly electing S corporation under Sections 1361 and 1362 of the Code (a “S-Corp”), and each Company Subsidiary is a “qualified subchapter S subsidiary” within the meaning of Section 1361(b)(3)(B) of the Code, and (ii) has not, and the Company Subsidiaries and the shareholders of the Company have not, taken any action which would invalidate such elections.
Appears in 4 contracts
Samples: Securities Purchase Agreement (Live Oak Bancshares, Inc.), Securities Purchase Agreement (Live Oak Bancshares, Inc.), Securities Purchase Agreement (Live Oak Bancshares, Inc.)
