Common use of Prohibited To Act Clause in Contracts

Prohibited To Act. BID 4.1 No bankrupts are allowed to bid or act as agents. 4.2 Foreign Citizen/Foreign Company is only allowed to bid for the Property with the prior consent from the Foreign Investment Committee. In the event If no prior consent has been obtained then the Auctioneers shall at its absolute discretion accept or reject such bidding by Foreign Citizen/Foreign Company. 4.3 In the event a bankrupt bid or acts as agent in relation to the sale of the Property, the Bidding Deposit or Purchase Deposit, in the as the case may be, shall be forfeited to the Assignee/Bank and the Property may be put up for sale again at a date and time to be fixed by the Assignee/Bank or the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and Conclusive. 4.4 In the event that the Purchaser becomes a bankrupt or dies before the completion of the sale or before the completion of the extended period of time, the Assignee/Bank shall have the absolute discretion to do the following: - (a) forfeit the Deposit together with the interest (if any) and this auction sale shall be deemed terminated and be of no further effect; or (b) the Bank shall refund the balance of deposit after deducting expenses in carrying out the auction sale to the estate of the deceased or the Official Assignee as the case may be if the Purchaser is or becomes a bankrupt; and (c) the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and conclusive.

Prohibited To Act. BID 4.1 No bankrupts are is allowed to bid or act as agents. 4.2 Foreign Citizen/Foreign Company is only allowed to bid for the Property with the prior consent from the Foreign Investment CommitteeEconomic Planning Unit and/or the relevant authorities. In the event If if no prior consent has been obtained then the Auctioneers Auctioneer shall at its absolute discretion accept or reject such bidding by Foreign Citizen/Foreign Company. 4.3 In the event a bankrupt bid bids or acts as agent in relation to the sale of the Property, the Bidding Deposit or Purchase Deposit, in the as the case may be, shall be forfeited to the Assignee/Bank and the Property may be put up for sale again at a date and time to be fixed by the Assignee/Bank or the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and Conclusiveconclusive. 4.4 In the event that the Purchaser becomes a bankrupt or dies before the completion of the sale or before the completion of the extended period of time, the Assignee/Bank shall have the absolute discretion to do the following: -following:- (a) forfeit the Deposit together with the interest (if any) and this auction sale shall be deemed terminated and be of no further effect; or (b) the Bank shall refund the balance of deposit after deducting expenses in carrying out the auction sale to the estate of the deceased or the Official Assignee as the case may be if the Purchaser is or becomes a bankrupt; and (c) the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and conclusive.

Prohibited To Act. BID 4.1 No bankrupts are allowed to bid or act as agents. 4.2 Foreign Citizen/Foreign Company is only allowed to bid for the Property with the prior consent from the Foreign Investment CommitteeCommittee and the State Authority. In the event If no prior consent has been obtained then the Auctioneers shall at its absolute discretion accept or reject such bidding by Foreign Citizen/Foreign Company. 4.3 In the event a bankrupt bid or acts as agent in relation to the sale of the Property, the Bidding Deposit or Purchase Deposit, in the as the case may be, shall be forfeited to the Assignee/Bank and the Property may be put up for sale again at a date and time to be fixed by the Assignee/Bank or the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and Conclusive. 4.4 In the event that the Purchaser becomes a bankrupt or dies before the completion of the sale or before the completion of the extended period of time, the Assignee/Bank shall have the absolute discretion to do the following: - (a) forfeit the Deposit together with the interest (if any) and this auction sale shall be deemed terminated and be of no further effect; or (b) the Bank shall refund the balance of deposit after deducting expenses in carrying out the auction sale to the estate of the deceased or the Official Assignee as the case may be if the Purchaser is or becomes a bankrupt; and (c) the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and conclusive.

Prohibited To Act. BID 4.1 No bankrupts are is allowed to bid or act as agents. 4.2 Foreign Citizen/Foreign Company is only allowed to bid for the Property with the prior consent from the Foreign Investment Committee. In the event If if no prior consent has been obtained then the Auctioneers Auctioneer shall at its absolute discretion accept or reject such bidding by Foreign Citizen/Foreign Company. 4.3 In the event a bankrupt bid bids or acts as agent in relation to the sale of the Property, the Bidding Deposit or Purchase Deposit, in the as the case may be, shall be forfeited to the Assignee/Bank and the Property may be put up for sale again at a date and time to be fixed by the Assignee/Bank or the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and Conclusive.conclusive 4.4 In the event that the Purchaser becomes a bankrupt or dies before the completion of the sale or before the completion of the extended period of time, the Assignee/Bank shall have the absolute discretion to do the following: -following:- (a) forfeit the Deposit together with the interest (if any) and this auction sale shall be deemed terminated and be of no further effect; or (b) the Bank shall refund the balance of deposit after deducting expenses in carrying out the auction sale to the estate of the deceased or the Official Assignee as the case may be if the Purchaser is or becomes a bankrupt; and (c) the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and conclusive.