Power and Responsibility Clause Samples

The 'Power and Responsibility' clause defines the allocation of authority and corresponding obligations between the parties involved in an agreement. It typically outlines which party has the right to make certain decisions or take specific actions, and clarifies the duties or standards of care that accompany those powers. For example, one party may be granted the power to manage a project, while also being responsible for ensuring compliance with relevant laws and regulations. This clause ensures that both rights and duties are clearly assigned, helping to prevent disputes and promote accountability throughout the contractual relationship.
Power and Responsibility. Subject to the limitations imposed by the Articles of Incorporation, these Bylaws or the Florida Business Corporation Act, all corporate powers and responsibilities shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be controlled by, the Board of Directors.
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Power and Responsibility. 2.1 The Bank’s duties are limited to those expressly set out in this Master Agreement provided that nothing herein shall operate to remove, exclude or restrict any of your rights or the Bank’s obligations under applicable laws. 2.2 For all Transactions, unless otherwise indicated on the contract note or otherwise notified to you, the Bank is only acting as the agent for you and nothing in this Master Agreement shall constitute the Bank or the Bank’s nominee as trustee for you nor constitute a partnership between the Bank and you. 2.3 The Bank shall have the absolute and unfettered right and discretion at any time not to effect as your agent any Transaction provided that the Bank may not rely on this provision in respect of any failure to effect any Transaction due to negligence, wilful default or fraud on its part. 2.4 Save as herein specifically provided otherwise, all Transactions shall be subject to the prevailing market practice in Hong Kong or in any other places in which the Bank is dealing on your behalf therefor and the relevant provisions of the constitution, rules, regulation, bye-laws, orders, directions, practice notes, customs and usage of the HKSE or any other Exchanges and HKSCC or any other Clearing Houses and of the laws of Hong Kong or such other relevant places as amended from time to time. The Bank or its nominee may refrain from doing anything which would or might in the Bank’s opinion be contrary to any law or directive or otherwise render the Bank or its nominee liable to any person and may do anything which is in the Bank’s opinion necessary to comply with any such law or directive. 2.5 The Bank or its nominee may refrain from taking any step (or further step) to protect or enforce your rights under any Transaction effected by the Bank on your behalf or under the Registered Securities or the Eligible Securities or the Derivative Products until the Bank or its nominee has been indemnified and/or secured to the Bank’s reasonable satisfaction against any and all losses or liabilities (including legal fees on a solicitor and own client basis and other costs and expenses reasonably incurred by the Bank) which the Bank or its nominee would or might sustain or incur as a result. 2.6 The Bank or its nominee may rely on any communciation or document which the Bank believes to be genuine on the face of it and the Bank is entitled to reject any document which, on the face of it, is not regular, valid and/or acceptable in accordance with prevai...
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Related to Power and Responsibility

  • Roles and Responsibilities 1. The Donor States shall make funds available in support of eligible programmes proposed by the Beneficiary State and agreed on by the Financial Mechanism Committee within the priority sectors listed in Article 3.1 of Protocol 38c and the programme areas listed in the Annex to Protocol 38c. The Donor States and the Beneficiary State shall cooperate on the preparation of concept notes defining the scope and planned results for each programme. 2. The Beneficiary State shall assure the full co-financing of programmes that benefit from support from the EEA Financial Mechanism 2014-2021 in accordance with Annex B and the programme agreements. 3. The Financial Mechanism Committee shall manage the EEA Financial Mechanism 2014-2021 and take decisions on the granting of financial assistance in accordance with the Regulation. 4. The Committee shall be assisted by the Financial Mechanism Office (hereinafter referred to as the “FMO”). The FMO shall be responsible for the day-to-day operations of the EEA Financial Mechanism 2014-2021 and shall serve as a contact point.

  • Role and Responsibilities During the Employment Period, the Executive shall serve as Chief Financial Officer of the Company, and shall perform such employment duties as are usual and customary for such position. The Executive shall report directly to the Chief Executive Officer of the Company (the “CEO”). At the Company’s request, the Executive shall serve the Company and/or its subsidiaries and affiliates in other capacities in addition to the foregoing, consistent with the Executive’s position hereunder. In the event that the Executive, during the Employment Period, serves in any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that specified in Section 2(b) hereof. In addition, in the event the Executive’s service in one or more of such additional capacities is terminated, the Executive’s compensation, as specified in Section 2(b) hereof, shall not be diminished or reduced in any manner as a result of such termination provided that the Executive otherwise remains employed under the terms of this Agreement.

  • Rights and Responsibilities This Agreement is our standard service agreement. Under this Agreement, we agree to provide and ▇▇▇▇ for Service, and you agree to use and pay for Service, as provided herein and in our other applicable Terms of Service. Our rights and responsibilities, and your rights and responsibilities, are as set forth in this Agreement and our other applicable Terms of Service.

  • ASSOCIATION RIGHTS AND RESPONSIBILITIES SECTION 1 The Association shall have, in addition to other rights expressly set forth or provided by statute, the following rights: A. Special conferences for important matters will be arranged between the Association President and the designated representative of the Employer upon request of either party. Such meetings will normally be between at least two (2) representatives of each of the parties and will be held at mutually agreeable times and places. Should the Employer require such meetings to be during participating bargaining unit members’ normal scheduled hours, such members will be released for the purpose of attending such conferences without loss of pay. B. The Association shall be provided with bulletin board space for the purpose of posting Association materials. These bulletin boards will be designated by building principals. The Association shall also have the right to use the school mails to distribute Association material upon the notification of the building principal. No political matter or advertising of any kind will be so posted or distributed without administrative authorization; i.e., millage proposals, ballot items. C. The Association shall have the right to use school facilities for meetings as long as the intended use does not interfere or conflict unduly with regular school functions, violate school policy, or increase personnel costs. D. The Association shall have the right to use non-recreational school equipment, including typewriters, mimeograph machines, other duplicating equipment, calculating machines, and all types of audiovisual equipment for Association meetings with the building principal’s approval and scheduling availability. E. The Association shall pay for the cost of all materials and supplies incidental to such use and shall be responsible for proper operation and care of all such equipment, including repair costs. F. After notifying the Principal’s office, duly authorized representatives of the Association, or representatives of the state and national levels, shall be permitted to transact official Association business on school property provided that this shall not interfere with nor interrupt normal school operation. G. The officers of the Association or their designees shall have the opportunity to discuss, upon request, any new or modified fiscal budgetary educational policy. H. The Association shall be credited with a total of eight (8) days to be used by the officers or agents of the Association to bona fide Association business; such use to be at the discretion of the Association as provided herein. 1. The Association agrees to notify the Board no less than forty-eight (48) hours in advance of taking such leave, except in an emergency. 2. The Association will provide payment of the substitute employee on all days. 3. Any employee scheduled to work on such leave shall receive full pay for such day (not including overtime). I. The duties of any bargaining unit member or the responsibilities of any position in the bargaining unit may not be substantially altered, or increased, (Minor modification in job description excepted) during the life of this Agreement without the concurrence of the employee and the Association. J. The parties recognize that supervisors may perform some duties which are similar or identical to bargaining unit employees and such functions shall not be considered a violation of this Agreement, so long as no full-time bargaining unit positions are displaced. K. The Employer agrees to furnish to the Association President, MEA Uniserv Director, or Building Designee available information concerning the financial resources of the District together with information which may be necessary for the Association to process any grievance or complaint in a manner consistent with Article 6. L. Within ten (10) working days the Employer shall notify the Association of a new said hire in writing which includes rate of pay, step, date of hire, and position. M. The Employer agrees to provide each employee with a copy of the negotiated agreement.

  • Position and Responsibilities During the term of Executive’s employment hereunder, Executive agrees to serve as an Executive Vice President of the Bank. Executive shall perform administrative and management services for the Bank which are customarily performed by persons in a similar executive officer capacity. During said period, Executive also agrees to serve as an officer and director of any subsidiary of the Bank or the Company, if elected.