Approval of Accounts Sample Clauses
The 'Approval of Accounts' clause establishes the requirement for formal acceptance of a company's financial statements by its governing body or shareholders. Typically, this clause outlines the process by which annual accounts are reviewed, presented, and approved during meetings, often specifying timelines and the parties responsible for the review. Its core function is to ensure transparency and accountability in financial reporting, providing a clear mechanism for stakeholders to verify and endorse the accuracy of the company's financial records.
Approval of Accounts. To the extent permitted by law, the written approval of any account by the Employer or Administrator shall be final and binding, as to all matters and transactions stated or shown therein, upon the Employer, Administrator, Participants and all persons who then are or thereafter become interested in the Trust. The failure of the Employer or Administrator to notify the Trustee within six months after the receipt of any account of its objection to the account shall, to the extent permitted by law, be the equivalent of written approval. If the Employer or Administrator files any objections within such six month period with respect to any matters or transactions stated or shown in the account, and the Employer or Administrator and the Trustee cannot amicably settle the question raised by such objections, the Trustee shall have the right to have such questions settled by judicial proceedings. Nothing herein contained shall be construed so as to deprive the Trustee of the right to have judicial settlement of its accounts. In any proceeding for a judicial settlement of any account or for instructions, the only necessary parties shall be the Trustee, the Employer and the Administrator.
Approval of Accounts. Anything that may be to the contrary in the Agreement notwithstanding, Trustee shall not effect any Loan with Borrower on behalf of an Account unless Borrower has first notified Trustee of Borrower’s approval of such Account, and has not notified Trustee that it has withdrawn such approval (with each such Account, being an “Approved Account” and collectively being “Approved Accounts”), and with both such notifications in the Agreed Format. Where Borrower has Loans outstanding to an Approved Account as to which Borrower has withdrawn approval, Borrower shall advise Trustee as to which such Loans shall be terminated, which such loans shall be allowed to remain open and which such loans Borrower requests that Trustee, if Trustee so elects to do so in its sole discretion, attempt to reallocate to remaining Approved Accounts. With respect to each Loan outstanding as of the close of a given Business Day, Trustee shall further provide Borrower, before the close of business on the next Business Day with notice, in the Agreed Format, of the specific Approved Account or Approved Accounts for which it is acting in connection with such Loan, and the portion of each Loan allocable to the account of each Approved Account for which it is acting. If Trustee fails to identify such Approved Account(s) or fails to accurately allocate any portion of a Loan to such Approved Account(s) prior to the close of business on such next Business Day or such later time as the Trustee and Borrower shall agree, Borrower may terminate such Loan from such Approved Account(s), return to Trustee such Loaned Securities or portion thereof, and Trustee shall immediately return to Borrower that portion of the Collateral previously transferred to Trustee in connection with such Loan from such Approved Account(s).
Approval of Accounts. The Trustees shall render the written report to the Certificate Holders required by Section 5.7 hereof and said report shall constitute an account of the Trus- tees’ administration of the trust for the fiscal year covered thereby. The approval at an annual meeting of Certificate Holders of any account or accounts shall, as to matters and transactions disclosed therein, be final and binding upon all persons (whether in being or not) who may then or thereafter become interested in or entitled to share in any Certificate.
Approval of Accounts. To the extent permitted by law, the written -------------------- approval of any account by the Company will be final and binding, as to all matters and transactions stated or shown therein, upon every Participating Employer, the Committee, the Participants and all persons who then are or thereafter become interested in the Trust. The failure of the Company to notify the Trustees within 60 days after the receipt of any account of its objection to the account will be the equivalent of written approval. If the Company files any objections within such 60-day period with respect to any matters or transactions stated or shown in the account, and the Company and the Trustees cannot amicably settle the question raised by such objections, the Trustees will have the right to have such questions settled by judicial proceedings. Nothing herein contained will be construed so as to deprive the Trustees of the right to have a judicial settlement of its accounts. In any proceeding for a judicial settlement of any account or for instructions, the only necessary parties will be the Trustees and the Company.
Approval of Accounts. The Settlor may approve the accounts of any Trustee at any time resigning or removed as such hereunder. The approval of such accounts shall he a full and complete discharge of such Trustee and shall have the same effect as if such Trustee had presented and had its account approved by a court of competent jurisdiction.
Approval of Accounts. 87 20.07. Distribution from Trust Fund.......................................................................... 88 20.08. Transfer of Amounts from Qualified Plan............................................................... 88 20.09. Transfer of Assets from Trust......................................................................... 88 20.10. Separate Trust or Fund for Existing Plan Assets....................................................... 88 20.11. Self-Directed Brokerage Option........................................................................ 89 20.12. Employer Stock Investment Option...................................................................... 90 20.13. Voting; Delivery of Information....................................................................... 96 20.14. Compensation and Expenses of Trustee.................................................................. 96 20.15. Reliance by Trustee on Other Persons.................................................................. 97 20.16.
Approval of Accounts. 19 10.6 Waiver.........................................................................................19
Approval of Accounts. The Company shall use its best efforts to have its fiscal year-end accounts approved at a General Meeting of its Shareholders within six (6) months following such fiscal year-end.
Approval of Accounts. The Qualified Beneficiaries have reviewed the accountings of the Current Trustee, and each approves those accountings and all actions of the Current Trustee.
Approval of Accounts. Within six months following the closure of the financial year, the accounts of the Bank are submitted to the approval of the General Assembly accompanied by the internal Auditors’ report. These accounts are published in the Official Bulletin of the Community. A report about the activities and operations of the Bank during each financial year is presented to the General Assembly by the Chairman. CHAPTER VI: SANCTIONS - SHAREHOLDER WITHDRAWAL AND SUSPENSION OF OPERATIONS Article 49: SANCTIONS When a shareholder fails to respect his obligations toward the Bank, he may:
a) be deprived of his voting rights, or
b) be suspended in his capacity of shareholder by the General Assembly. For this purpose, when the accounts are approved, the General Assembly certifies the status of respect for the bonds of each shareholder – particularly as regards the discharge of share capital and loans repayment. The decision on forfeiting voting rights or suspension is taken by majority vote of two thirds of those who represent three quarters of the subscribed capital; The suspended shareholder automatically ceases to be a member of the Bank one year subsequent to the suspension date – unless an opposing decision of the General Assembly restores his status of shareholder. During the suspension period, the concerned shareholder will have none of the rights conferred by these statutes – with the exception of withdrawal rights; However, he remains subject to all of its obligations.