Surplus Declaration Clause Samples

A Surplus Declaration clause outlines the process by which any excess funds or assets, remaining after all obligations and liabilities have been satisfied, are identified and distributed. In practice, this clause typically applies to insurance, trust, or partnership agreements, where surplus amounts may be allocated among stakeholders, policyholders, or beneficiaries according to a predetermined formula or at the discretion of a governing body. Its core function is to ensure transparency and fairness in the handling of surplus resources, preventing disputes and clarifying the rights of parties to any remaining assets.
Surplus Declaration. 16.08.1 In schools that are staffed beyond complement, the least senior Teachers who are not qualified in accordance with the Act and Regulations as amended, or who do not have teaching experience, university background or related work experience in the subject areas required to staff the schools, shall be declared surplus to the school. 16.08.2 Notwithstanding 16.08.1, the least senior Teachers within the entity shall be declared surplus to the entity and the staffing of the schools within the entity shall be adjusted to reflect the requirements of staffing.
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Surplus Declaration. In schools that are staffed in excess of staff complement, adopted by the Board, the least senior Teachers who are not qualified in accordance with the Act and Regulations as amended, or who do not have teaching experience, university background or related work experience in the subject areas required to staff the schools, shall be declared surplus to the School.
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Surplus Declaration. The Board shall advise a Teacher by May 31st that he or she is surplus to his or her school effective August 31st and shall advise a Teacher by October 31st that he or she is surplus to his or her school effective December 31st. The Local Bargaining Unit President(s) will be advised of the Teachers declared surplus to schools on or before the notice to the Teachers. The Teacher or Teachers shall be declared surplus by school in reverse order of seniority in that school according to Article 12:00 provided the remaining Teachers in that school are qualified to teach the courses or programs in that school which the Board provides. If they are not, then the next most junior Teacher on the seniority list and in that school who has not been declared surplus will be declared surplus to that school unless he or she is able to become qualified prior to the commencement of the period for which the reduction is to take effect and commits to becoming qualified by that time and commits to fill the position. If the Teacher so commits, then the Teacher originally declared surplus shall be displaced.
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Surplus Declaration. The Village shall, during the life of the TIF District, upon receipt of incremental real estate tax revenues generated by the TIF District, declare a portion of the incremental real estate tax revenues generated by the TIF District as surplus funds, as defined in 65 ILCS 5/11-74.4-7, as follows:
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Surplus Declaration. 29.01 Should the number of Teachers on the staff of a school be greater than the number assigned to the school, the Principal shall ascertain whether any staff members including those on leave intend to extend a leave, retire, resign or request a transfer before declaring any Teacher surplus. 29.02 Should the number of Teachers on the staff of a school be greater than the number assigned to the school, the Principal will declare the requisite number of Teachers surplus to meet the assigned complement. 29.03 Should there be a need for the Principal to make a surplus declaration, the least senior Teacher(s) from the Seniority List (see Article 26) will normally be declared surplus providing the program needs of the school can be met. (see Definitions) A 29.04 The Principal shall meet with each Teacher declared surplus to the school and provide the Teacher with an explanation of the decision and a letter stating that the Teacher is surplus to the needs of the school. 29.05 A Learning Co-ordinator or Special Assignment Teacher or any other Teacher holding a position at the Education Centre or a Community Education Centre whose term will expire at the end of the school year and is not renewed or whose position will no longer exist at the end of the school year will be re -assigned to a position similar to the previous position most recently held unless otherwise agreed to by the Teacher.
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Surplus Declaration. By April 16, the Principal shall declare which teachers are surplus to the needs of the school in accordance with the following parameters: .1 The number of least senior teachers in the school, including the teachers on leave
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Related to Surplus Declaration

  • DECLARATION (TO BE TYPED ON A LETTER HEAD OF THE COMPANY/ FIRM)

  • Declaration of Trust The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that (i) the Trust constitute a statutory trust under the Statutory Trust Statute and that this Trust Agreement constitute the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Trust shall be treated (A) if it has one beneficial owner, as a non-entity and (B) if it has more than one beneficial owner, as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders and the Notes constituting indebtedness of the partnership. Unless otherwise required by the appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust either as a nonentity or as a partnership for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The parties have caused the filing of the Certificate of Trust with the Secretary of State. If it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of the Margin Tax, it is the intention of the parties hereto that the Trust be treated as a “passive entity” for purposes of the Margin Tax, formed to hold assets to facilitate securitization transactions in a manner similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the Code. The Depositor, and the Certificateholders by acceptance of a Certificate, agree that if it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of the Margin Tax, they will, unless otherwise required by law, treat the Trust as a “passive entity” for purposes of the Margin Tax and will not, unless otherwise required by law, take any action to include the Trust as part of an affiliated group engaged in a unitary business (as such terms are used in the Margin Tax). Notwithstanding anything to the contrary contained herein, nothing in this Trust Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for the Margin Tax to apply to the Trust.