Voting on Capital Improvements Sample Clauses
The 'Voting on Capital Improvements' clause establishes the process by which decisions regarding significant upgrades or additions to a property or asset are made by stakeholders. Typically, this clause outlines who is eligible to vote, the percentage of approval required, and the types of improvements that fall under its scope, such as major renovations or new construction projects. Its core function is to ensure that all relevant parties have a say in substantial investments, thereby promoting fairness and preventing unilateral decisions that could impact the value or use of the shared asset.
Voting on Capital Improvements. As of the Effective Date, for purposes of the application of the double voting procedures set out in Section 18.4 of the SJPPA, the Ownership Interests and the number of individual Parties required to approve a Capital Improvement will be as provided in Section 4.3.1.