Resolution for liquidation Sample Clauses

A Resolution for Liquidation clause outlines the process by which a company or partnership formally decides to dissolve and wind up its affairs. Typically, this clause specifies the requirements for passing a resolution—such as the necessary majority vote of shareholders or partners—and may detail the steps to be followed, including notifying creditors and distributing remaining assets. Its core practical function is to provide a clear, orderly procedure for ending the business, ensuring that all stakeholders understand how liquidation decisions are made and executed.
Resolution for liquidation. Liquidation of the AIF is mandatory in the cases prescribed by law. In addition, the AIFM has the right to liquidate the AIF or an individual share class. The resolution regarding the liquidation of the AIF or a share class will be published at least 30 days prior to the effective date of the liquidation on the LAFV website (▇▇▇.▇▇▇▇.▇▇), as the publication medium of the AIF, and other media named in the fund documents and durable data carriers (letter, fax, email or similar). The FMA will be sent a copy of the investor notification. As from the day of such a liquidation resolution, no further shares will be is- sued, converted or redeemed. In the event of the AIF's liquidation, the AIFM will immediately start liquidating the AIF's assets in the best inter- ests of the investors. The AIFM is entitled to instruct the depositary to distribute the net liquidation revenue to in- vestors after deducting the liquidation costs. Moreover, the AIF's liquidation is carried out according to the provi- sions of the law on Persons and Companies (Personen- und Gesellschaftsrechts, "PGR"). If the AIFM liquidates a share class without liquidating an AIF, all the shares of that class will be redeemed at their net asset value. The AIFM will publish this redemption and the depositary will pay out the redemption price to the former investors. The liquidation/dissolution may also be settled by redemption in kind. In such a case, the investor will have 30 days to contest this following publication of the announcement regarding redemption in kind. Otherwise, redemp- tion in kind will be deemed as approved.
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Related to Resolution for liquidation

  • Time for Liquidation A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation.

  • Dissolution or Liquidation To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company.

  • Dissolution; Liquidation (a) The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (i) the written consent of the Member or (ii) any other event or circumstance giving rise to the dissolution of the Company under Section 18-801 of the Act, unless the Company’s existence is continued pursuant to the Act. (b) Upon dissolution of the Company, the Company shall immediately commence to wind up its affairs and the Member shall promptly liquidate the business of the Company. During the period of the winding up of the affairs of the Company, the rights and obligations of the Member under this Agreement shall continue. (c) In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied as follows: (i) first, to creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof); and (ii) thereafter, to the Member. (d) Upon the completion of the winding up of the Company, the Member shall file a Certificate of Cancellation in accordance with the Act.

  • Winding Up and Liquidation (a) Upon the dissolution of the Company, its affairs shall be wound up as soon as practicable thereafter by the Member. Except as otherwise provided in Section 6.2(c), in winding up the Company and liquidating the assets thereof, the Managers, or other person so designated for such purpose, may arrange for the collection and disbursement to the Member of any future receipts from the Company property or other sums to which the Company may be entitled, or may sell the Company’s interest in the Company property to any person, including persons related to the Member, on such terms and for such consideration as shall be consistent with obtaining the fair market value thereof. (b) Upon the dissolution of the Company the assets, if any, of the Company available for distribution and any net proceeds from the liquidation of any such assets, shall be applied and distributed in the following manner or order, to the extent available: (i) To the payment of or provision for all debts, liabilities, and obligations of the Company to any person, and the expenses of liquidation; and (ii) to the Member in accordance with its Interest. (c) Upon dissolution, a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to minimize the losses normally attendant to a liquidation.

  • Dissolution and Liquidation (Check One)