Deadlock Resolution. 9.1. For the purposes of this clause, a “deadlock” is deemed to have occurred if: (i) a matter relating to or affecting the Company has been raised at and/or considered by a meeting of the Board or a Shareholder meeting; and (ii) no resolution has been passed by such meeting by reason of any equality of votes for and against any resolution proposed relating to such matter or by virtue of consent not having been obtained in accordance with clause 7.13 above. 9.2. In the event of a deadlock, any of the Parties, within ten (10) Business Days after the date of the deadlock, can serve on the other Party (including the Company), a notice (“Deadlock Notice”) stating the details and the circumstances of the deadlock and the stand of the Party issuing the Deadlock Notice. 9.3. If a Deadlock Notice is served pursuant to this clause, the matter shall be referred for resolution to the Chairman of the Consultant and the Chairman of MPUIF (or other person of equivalent status) who shall endeavour to resolve the matter in good faith through informal discussion. 9.4. In the event that in spite of the above, the Deadlock is not resolved within a period of forty-five (45) Business Days of the date of service of the Deadlock Notice, then the matter shall be referred to arbitration in accordance with the provisions of clause 12.5 below.
Appears in 2 contracts
Sources: Shareholder Agreements, Shareholder Agreements