Purchase for Cancellation Rights - Substantial Shareholders Clause Samples

Purchase for Cancellation Rights - Substantial Shareholders. Notwithstanding the purchase for cancellation rights outlined above, in the interests of all Shareholders of the Corporation certain restrictions may, in the sole discretion of the board of directors, be placed on Substantial Shareholders. A Substantial Shareholder is defined to mean a Shareholder, together with parties related (as defined in the Tax Act) to that Shareholder, who holds a total number of Shares which is equal to or greater than 10% of the total number of Shares outstanding. As long as a particular Shareholder is a Substantial Shareholder it will be restricted to submitting for purchase for cancellation no more than 20% of its Shares in any three month period. The Corporation, subject to maintaining the status of the Corporation as a MIC under the Tax Act, will maintain a dividend reinvestment and share purchase plan (the “DRIP”). Under the DRIP, Shareholders will be able to reinvest dividends in additional Shares of the Corporation. The Corporation or the Manager will administer all aspects of the DRIP.
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Related to Purchase for Cancellation Rights - Substantial Shareholders

  • Purchase for Cancellation Subject to applicable law, meeting the solvency requirements under Bermuda law and to the provisions described in Section 6, the Partnership may at any time purchase for cancellation the whole or any part of the Series 7 Preferred Limited Partnership Units Outstanding from time to time, in the open market through or from an investment dealer or any firm holding membership on a recognized stock exchange, or by private agreement or otherwise, at the lowest price or prices at which, in the opinion of the General Partner, such units are obtainable.

  • Voting Rights as a Shareholder Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including, without limitation, the right to vote such shares.

  • Voting Rights as a Stockholder Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the right to vote such shares.

  • Rights as a Shareholder The Optionee shall have no rights as a shareholder with respect to any shares which may be purchased by exercise of this option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) unless and until a certificate representing such shares is duly issued and delivered to the Optionee. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

  • Rights as Shareholders The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein.