Supermajorities Sample Clauses

Supermajorities. Another strategy in providing for some minority control is to alter the voting requirements for specific decisions to require supermajorities—either on the board of directors or at the shareholder level. The practical effect is to give the minority a veto right over certain matters. Common examples would include firing officers or shareholders, declaration of dividends, increasing salaries, incurring indebtedness (or incurring indebtedness over a certain amount), etc. Usually, unanimity is required for specified matters, but the same result is obtainable by requiring a supermajority that would require minority assent—for example, requiring 80% approval of matters 97 Sec. 6.252. 98 Sec. 6.252(a). 99 Sec. 6.252(b). 100 Sec. 6.252(c). 101 Sec. 21.152. 102 Sec. 21.153. when the minority interest is 25%. The Code permits increasing the percentage needed to approve a measure to any desired number.103 Where supermajorities (rather than unanimity) are used, the quorum requirements also need to be adjusted to ensure minority participation in the vote. A minority shareholder veto reduces the danger of shareholder oppression; however, it can create the problem of deadlocks that can cripple a corporation’s ability to function.
Sample 1
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Related to Supermajorities

  • Approval This Agreement shall not be binding until it has been approved by the Committee during a duly noticed Committee meeting.

  • Affirmative Marketing Developer shall maintain and abide by an affirmative marketing plan that shall be designed to attract tenants from all racial, ethnic/national origin, sex, religious, familial status, and special- Attachment G GLO Contract No. 20-063-039-C547 needs groups and shall require all press releases and written materials, advertising, or promoting of the Project to include, when feasible, the equal housing opportunity logo or slogan. Developer further agrees to maintain documents and records evidencing its compliance with said plan and the affirmative marketing requirements imposed by 24 C.F.R. Part 570.

  • Approval/Non-Approval We will notify you whether your Application has been approved or denied within 14 days after the date we receive a completed Application. Notification may be in person or by mail or telephone unless you have requested that notification be by mail. You must not assume approval until you receive actual notice of approval. The 14-day time period may be changed only by separate written agreement.

  • Approval of Leave Any leave of absence will be submitted to the Company for approval in writing. No approved leave of absence will affect any employee’s seniority rights when used for the purpose granted and providing the employee returns to work at the expiration of his/her leave.

  • Approval of Plans Landlord will not check Tenant drawings for building code compliance. Approval of the Final Plans by Landlord is not a representation that the drawings are in compliance with the requirements of governing authorities, and it shall be Tenant’s responsibility to meet and comply with all federal, state, and local code requirements. Approval of the Final Plans does not constitute assumption of responsibility by Landlord or its architect for their accuracy, sufficiency or efficiency, and Tenant shall be solely responsible for such matters.

  • Necessity for Written Approvals All approvals and decisions of the Regional Water Board under the terms of this Stipulated Order shall be communicated to the Settling Respondent in writing. No oral advice, guidance, suggestions, or comments from Regional Water Board employees or officials regarding submissions or notices shall be construed to relieve the Settling Respondent of its obligation to obtain any final written approval this Stipulated Order requires.

  • Required Meetings An employee or owner operator who is required to attend any meeting on Company business shall be paid at his/her regular rate of pay for such meetings occurring during his/her regular shift or at applicable rates of pay for all such time spent outside of his/her regular shift. Any meetings necessary to comply with the formal grievance provisions of this Article will be held during normal working hours at no loss of pay to the employees or owner operators concerned.

  • Approval of Agreement The Board of Directors of the Company has authorized the execution and delivery of this Agreement by the Company and has approved this Agreement and the transactions contemplated hereby.

  • Effect of non-approval of proposals (6) Notwithstanding that under subclause (1) any proposals of the Company are approved by the Minister or determined by arbitration award, unless each and every such proposal and matter is so approved or determined by 31 October 1992 or by such extended date or period if any as the Company shall be granted pursuant to the provisions of this Agreement then the Minister may give to the Company 12 months notice of intention to determine this Agreement and unless before the expiration of the said 12 months period all the detailed proposals and matters are so approved or determined this Agreement shall cease and determine subject however to the provisions of Clause 35. Implementation of proposals

  • Approval of Contractor’s Staff 7.3.1 County has the absolute right to approve or disapprove all of the Contractor’s staff performing work hereunder and any proposed changes in the Contractor’s staff, including, but not limited to, the Contractor’s Project Manager.

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