Examples of Significant Decision in a sentence
If with regard to the Corporation either all the directors nominated by Shareholder Curtis or all the directors nominated by Shareholder Fortex vote in favor of, or state in writing that they support any Significant Decision, but such Significant Decision is nevertheless not taken or approved for a period of 30 days or longer because of the provisions of these By-laws or the Master Agreement, the Corporation will be in a "State of Deadlock".
The purpose of this requirement is to insure that any Significant Decision has the approval or concurrence of at least one Director nominated by Shareholder Curtis and of at least one Director nominated by Shareholder Fortex.
Each Shareholder promptly shall cause its Shares to be voted to approve any Major Decision or Significant Decision requiring such Shareholder approval to the extent that such action, decision or transaction has been approved by the Board of Directors in accordance with Section 2.10 or 2.11.
Any Significant Decision will be deemed to have been approved by the Board of Directors of the Corporation and will be put into effect by the Corporation only if it is approved by a number of Directors constituting at least a majority of all the Directors plus one.
The Shareholders shall not act to authorize or implement any Major Decision or Significant Decision without such Major Decision or Significant Decision having been first approved by the Board of Directors in accordance with Section 2.10 or Section 2.11, as the case may be.