Common use of Approval by Boards of Directors and Shareholders Clause in Contracts

Approval by Boards of Directors and Shareholders. The Boards of Directors of each of SFC, SNB, FCB and Bancorp shall have duly approved and adopted this Agreement, the shareholders of SFC shall have duly approved the Plan of Merger at the SFC Shareholders’ Meeting, and SFC and Bancorp, as the sole shareholders of SNB and FCB, respectively, shall have duly approved and adopted the Plan of Merger, all by appropriate resolutions and to the extent required by and in accordance with the provisions of this Agreement, applicable law, and applicable provisions of their respective Articles of Incorporation or Association, as applicable, and ByLaws.