Common use of Assignment of Shares to Directors Clause in Contracts

Assignment of Shares to Directors. The Shareholders will assign one (1) Share to be held by each Director elected pursuant to Clause 5.1 above. The shares assigned to Directors shall be treated for all purposes and effects of this agreement, as owned by the Shareholder to whom it is assigned. 5.6.1. Each of the Shareholders shall obtain from each Director elected by it, sufficient powers to exercise the voting rights of shares assigned at the shareholder meetings of the company, as well as to assign such shares to themselves if the transferee Director ceases, for any reason, to occupy the post of Director.