Reorganization of Classes Sample Clauses

The Reorganization of Classes clause defines the process and authority for altering the structure or composition of different classes within an organization, such as shares, membership interests, or voting groups. Typically, this clause outlines the conditions under which classes can be merged, split, reclassified, or otherwise modified, and may specify the required approvals from stakeholders or governing bodies. Its core practical function is to provide a clear framework for adapting the organizational structure to changing needs or strategic objectives, thereby ensuring flexibility and legal compliance during structural changes.
Reorganization of Classes. 1. Grades K-3 2. Grades 4-5 3. Grades ▇-▇▇
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Related to Reorganization of Classes

  • Reorganization The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term "Company" as used in this Agreement shall be deemed to refer to the successor or survivor company.