Creation and Authority Clause Samples
The Creation and Authority clause establishes the legal validity of the agreement and confirms that the parties entering into the contract have the necessary power and authorization to do so. Typically, this clause specifies that each party is duly organized, in good standing, and has obtained all required approvals or consents to execute and perform the agreement. By including this provision, the contract ensures that all signatories are properly empowered, reducing the risk of future disputes over the enforceability of the agreement due to lack of authority.
Creation and Authority. The Borrower is a public body corporate and politic duly created and validly existing under the laws of the State of Georgia and has all requisite power and authority to execute and deliver the Credit Documents and to perform its obligations thereunder.
Creation and Authority. The Lessor is a political subdivision of the State of Georgia, duly created and validly authorized to conduct business under the laws of the State of Georgia.
Creation and Authority. The Issuer is a public body corporate and politic duly created and validly existing under the laws of the State. The Issuer has all requisite power and authority under the Act and the laws of the State (i) to issue the Bond, (ii) to acquire, construct, and equip the Project and to lease the same to the Company, and (iii) to enter into, perform its obligations under, and exercise its rights under the Issuer Documents. The Issuer has found that the Project will promote and expand for the public good and welfare industry, trade and commerce within the County, and has found that the Project is for the lawful and valid public purposes set forth in the Act.
Creation and Authority. The Issuer is a public body corporate and politic duly created and validly existing under the laws of the State. The Issuer has all requisite power and authority under the Act and the laws of the State (i) to issue the Bond, (ii) to acquire the Project and to lease the same to the Company for the purposes set forth in, and in accordance with, the Bond Resolution, and (iii) to enter into, perform its obligations under, and exercise its rights under the Issuer Documents. The Issuer has found that the Project will promote and expand for the public good and welfare industry and trade within the City and reduce unemployment, and has found that the Project is for the lawful and valid public purposes set forth in the Act.
Creation and Authority. The Issuer is a public body corporate and politic duly created and validly existing under the laws of the State. The Issuer has all requisite power and authority under the Act and the laws of the State (i) to issue the Bond, (ii) to acquire the Project and to lease the same to the Company, and (iii) to enter into, perform its obligations under, and exercise its rights under the Issuer Documents.
Creation and Authority. Lessor is a political subdivision of the State of Georgia. Lessor is the owner of the Property referenced herein below. Lessor has all requisite power and authority to lease the same to the Lessee, enter into and perform its obligations under, and to exercise its rights under this Lease.
Creation and Authority. The Board of Directors may, from time to time, by resolution passed by a majority vote of the Board of Directors, designate one or more committees, each to consist of one or more of the Board of Directors, which to the extent provided in such resolution or this Agreement shall have and may exercise the powers of the Board of Directors in the management and affairs of the Company except as otherwise limited by law. The Board of Directors may designate one or more officers of the Company as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
Creation and Authority. When requested, the Union shall have full authority to represent any member and settle any grievance.
Creation and Authority. The City is a municipal corporation duly created and validly existing under the laws of the State. The City has all requisite power and authority under the laws of the State to enter into, perform its obligations under, and exercise its rights under this Contract.
Creation and Authority. The Lessor is a public body corporate and politic duly created and validly existing under the laws of the State. The Lessor has all requisite power and authority under the Act and the laws of the State (1) to issue the Bonds, (2) to acquire, construct, equip, and install the Project and to lease the Project to the Lessee, and (3) to enter into, perform its obligations under, and exercise its rights under this Lease. The Act authorizes the Lessor to borrow money and to issue its obligations and to use the proceeds thereof for the purpose of paying all or part of the cost of any “project,” which includes buildings or structures to be used in the production, manufacturing, processing, assembling, storing, or handling of any manufactured product, including the cost of extending, adding to, or improving the project, to otherwise carry out the purposes of the Act, and to pay all other costs of the Lessor incident to or necessary and appropriate to such purposes, including the providing of funds to be paid into any fund or funds to secure such bonds. The Act authorizes the Lessor to construct, acquire, own, repair, remodel, maintain, extend, improve, and equip projects located on land owned by the Lessor and to lease and grant options for any real or personal property or interest therein. The Act also authorizes the Lessor as security for repayment of its obligations, to pledge, convey, assign, hypothecate, or otherwise encumber any property, real or personal, of the Lessor and to execute any trust agreement, indenture, or security agreement containing any provisions not in conflict with law. The Lessor has found that the Project constitutes a “project” within the meaning of that term as defined in the Act, has found that the Project will develop and promote trade, commerce, industry, and employment opportunities for the public good and the general welfare, will promote the general welfare of the State, and will increase or maintain employment in the territorial area of the Lessor, and has found that the Project is for the lawful and valid public purposes set forth in the Act.