Common use of UNLISTED COMPANIES Clause in Contracts

UNLISTED COMPANIES. If the TENANT is a company whose shares are not listed on a recognised stock exchange no shares therein shall be beneficially transferred from its shareholders, nor may any shares be beneficially allotted to any person other than such shareholders without the LANDLORD’s prior written consent which, in the case of an allotment or transfer of shares which will still leave control of the TENANT with the beneficial shareholders as at the commencement of the lease or of a transfer of shares to a deceased shareholders heirs, shall not be unreasonably withheld. Any transfer of allotment of shares effected without such consent shall constitute a breach by the TENANT of the terms of this lease. For the purposes hereof a change of ownership of shares even if not accomplished by a transfer of such shares shall be deemed to be a transfer of shares. The provision of this clause relating to the transfer or allotment of shares in a private company shall apply, mutatis mutandis, to the transfer or allotment of any member’s interest in a close corporation, where the TENANT is a close corporation.