Common use of Approval Procedure Clause in Contracts

Approval Procedure. The shareholders (meeting) and the board of directors/executive director of the target company have formally passed relevant written resolutions, (i) approving the signing, delivery and performance of the transaction documents, and waiving any other rights that may affect the transaction, such as their preemptive right, (ii) adopting the new articles of association of the target company (“the new articles of association”) that satisfy the transferee, (iii)Remove the current legal representative, person in charge, director (or executive director), supervisor, manager, enterprise contact person, financial director and other key personnel of the target company (“original key personnel resign”), and elect new legal representative, person in charge, directors (or executive director), supervisors and managers, enterprise contact person, financial director and other key personnel of each target company appointed by the transferee (“New Key Personnel Selection”). In addition, the Target Company has obtained or completed all the approvals, registrations, filing, consents or exemptions (if applicable) of the competent government departments and third parties required for signing, delivering and performing the transaction documents and completing the transactions under the transaction documents.

Approval Procedure. The shareholders (meeting) and the board of directors/executive director directors of the target company have formally passed relevant written resolutions, . (i) approving Approve the signing, delivery and performance of the transaction documents, and waiving give up any other rights that may affect the transaction, such as their its preemptive right, . (ii) adopting Adopt the new articles of association of the target company (“the new articles of association”) that satisfy the transferee, (iii)Remove iii) Dismiss the current legal representative, person in chargeresponsible person, director (or executive director), supervisor, manager, enterprise corporate contact person, financial director controller and other key personnel of the target company (“original key personnel resignresigned”), and elect new legal representative, person in chargeresponsible person, directors director (or executive director), supervisors supervisor and managersmanager, enterprise corporate contact person, financial director controller and other key personnel of each target company appointed by the transferee (“New Key Personnel Selectionnew key personnel selection”). In addition, the Target Company has obtained or completed all the approvals, registrations, filing, consents or exemptions (if applicable) of the competent government departments and third parties required for signing, delivering and performing the transaction documents and completing the transactions under the transaction documents.