Actio pro socio definition

Actio pro socio means the right of each shareholder to demand a fulfilment of obligations towards the company from their fellow partn- ers and - if necessary - to pursue their claims through a judicial process. This minority right enables the sole shareholder to assertion of internal prerogatives whenever he cannot assert the claim independently due to insufficient management or authorization rights. The “actio pro socio”, therefore, is only applicable to so-called “social entitlements”, meaning company claims against each shareholder, with indirect or direct basis within the partnership agreement. The most relevant examples for such claims are all rights to payment of amounts due or compensation for damages due to the violation of contractual obligations or of management duties. Conversely, an “ac- tio pro socio” can generally not be applied to assertion of claims against third parties, as in such cases, legal and contractual manage- ment and representation authorization take precedence over the interest in legal enforcement of company claims. In exceptional cases,
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Related to Actio pro socio

  • Public Procurement Regulatory Authority (PPRA) means the Government Agency responsible for oversight of public procurement.

  • Environmental and Social Commitment Plan or “ESCP” means the environmental and social commitment plan for the Project, dated November 30, 2023, as the same may be amended from time to time in accordance with the provisions thereof, which sets out the material measures and actions that the Recipient shall carry out or cause to be carried out to address the potential environmental and social risks and impacts of the Project, including the timeframes of the actions and measures, institutional, staffing, training, monitoring and reporting arrangements, and any environmental and social instruments to be prepared thereunder.

  • Environmental and Social Management Plan or “ESMP” means a site-specific environmental and social management plan to be prepared in accordance with the parameters laid down in the ESMF and acceptable to the Association, setting forth a set of mitigation, monitoring, and institutional measures to be taken during the implementation and operation of the Project activities to eliminate adverse environmental and social impacts, offset them, or reduce them to acceptable levels, and including the actions needed to implement these measures.

  • Environmental and Social Management Framework or “ESMF” means the environmental and social management framework of the Project States dated March 31, 2005, which, inter alia, sets forth the environmental and social safeguards applicable to the Project including the identification, assessment and mitigation of potential environmental and social impacts arising from carrying out Project activities, measures to protect cultural property, proposed management and mitigation measures, and the relevant institutional framework required, as updated by the Project States from time to time in a manner satisfactory to the Association;

  • competent authorities means the competent authorities of the Member States as identified on the websites listed in Annex II;