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, however, an “actio pro socio” is applicable to claims against third-parties. Such an exception is on hand, if the shareholder has a special interest in taking direct measures against the third-party.
Sample 1

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 May 5, 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.

  • Board of Studies means the Board of Studies of the University;

  • Environmental and Social Management Framework or “ESMF” means the framework included in the EA setting out modalities to be followed in assessing the potential adverse environmental and social impact associated with activities to be implemented under the Project, and the measures to be taken to offset, reduce, or mitigate such adverse impact.

  • MUSL Board means the governing body of the MUSL, which is comprised of the chief executive officer of each Party Lottery.

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

  • Procurement Policy Board or “PPB” shall mean the board established pursuant to Charter § 311 whose function is to establish comprehensive and consistent procurement policies and rules which have broad application throughout the City.

  • Subsequent Disclosure Documents means any financial statements, management’s discussion and analysis, information circulars, annual information forms, material change reports (other than confidential material change reports), business acquisition reports or other documents issued by the Corporation after the Execution Time which are, or are deemed to be, pursuant to applicable Securities Laws, incorporated by reference into the Final Prospectuses or any Prospectus Amendment;

  • Regional Board means a California regional water quality control board.

  • Disclosure Representative means the Finance Director, or his or her designee, or such other person as the Issuer shall designate in writing to the Disclosure Dissemination Agent from time to time as the person responsible for providing Information to the Disclosure Dissemination Agent.

  • CEQA means the California Environmental Quality Act (Cal. Public Resources Code Sections 21000 et seq.) and the State CEQA Guidelines (Cal. Code of Regs., Title 14, Sections 15000 et seq.).

  • Environmental Management Framework or “EMF” means the policy framework for environmental management, approved by the Project Implementing Entity’s Board of Directors on July 21, 2009, which sets forth the environmental policies and procedures that shall apply to the carrying out of the Project.

  • Joint Remediation Committee has the meaning set forth in Section II.A.2.

  • national competent authority means any national competent authority as defined in Article 2(2) of Regulation (EU) No 1024/2013;

  • Company Superior Proposal shall have the meaning set forth in Section 7.4(b).

  • Competent Authority and ‘Appellate Authority’ shall mean the following:

  • Non-Participating Certified Clinical Nurse Specialist means a Certified Clinical Nurse Specialist who does not have a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • U.S. Special Resolution Regimes has the meaning specified in Section 11.21.

  • Company Board means the Board of Directors of the Company.

  • Private Letter Ruling has the meaning set forth in the recitals.

  • Medical Board means the board of physicians as provided by this chapter.

  • Representative of a prospective contractor means an officer or director of a corporation, a member or manager of a limited liability corporation, a partner of a partnership or a trustee of a trust of the prospective contractor.

  • Environmental Management Plan or “EMP” means the environmental management plan for the Project, including any update thereto, incorporated in the IEE;

  • LOCKHEED XXXXXX Procurement Representative means a person authorized by LOCKHEED XXXXXX'x cognizant procurement organization to administer and/or execute this Contract.

  • Tax Filing Authorised Person means such person as any Director shall designate from time to time, acting severally.