Transfer of allotments Clause Samples

The 'Transfer of allotments' clause governs the process by which shares or other allotted interests in a company can be transferred from one party to another. Typically, this clause outlines the conditions under which such transfers are permitted, any required approvals (such as from the board of directors), and the necessary documentation or procedures to effect the transfer. By establishing clear rules for transferring allotments, the clause ensures orderly changes in ownership and helps prevent disputes or unauthorized transfers.
Transfer of allotments. (1) The Agency will not approve any crop allot- ment lease that will adversely affect its security interest. (2) The sale of an allotment must comply with all conditions of this sub- part. (3) The borrower may transfer crop allotments to another farm owned or controlled by the borrower. Such trans- fer will be treated as a lease under § 765.252.
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Transfer of allotments. (1) The Agency will not approve any crop allot- ment lease that will adversely affect its security interest. (2) The sale of an allotment must comply with all conditions of this sub- part. (3) The borrower may transfer crop allotments to another farm owned or controlled by the borrower. Such trans- fer will be treated as a lease under § 765.252. [72 FR 63309, Nov. 8, 2007, as amended at 75 FR 54016, Sept. 3, 2010] (a) Proceeds from transactions af- fecting the real estate security may only be used as follows: (1) Applied on liens in order of pri- ority; (2) To pay customary costs appro- priate to the transaction, which meet the following conditions: (i) Are reasonable in amount; (ii) Cannot be paid by the borrower; (iii) Will not be paid by the pur- chaser; (iv) Must be paid to consummate the transaction; and (v) May include postage and insur- ance when it is necessary for the Agen- cy to present the promissory note to the recorder to obtain a release of a portion of the real estate from the mortgage.
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Related to Transfer of allotments

  • Transfer of Shares Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

  • Transfer of Option Other than as expressly permitted by the provisions of Section 7.1(f) of the Plan, the Option may not be transferred except by will or the laws of descent and distribution and, during the lifetime of the Optionee, may be exercised only by the Optionee.

  • Transfer of Registration Rights The rights of each Holder under this Agreement may be assigned to any direct or indirect transferee of a Holder who agrees in writing to be subject to and bound by all the terms and conditions of this Agreement.

  • Transfer of Units (i) Except as expressly provided in this Agreement, a Member may not sell, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of all or any portion of any of such Member's Units or any interest therein (a "Transfer") (except for a Transfer by Internet World to any Person or by any Member to a Permitted Transferee) without the written consent of the Board, which consent may be withheld for any reason. The Company shall not register any Transfer of a Member's Units or any interest therein, and any such Transfer or registration of Transfer shall be null and void, without the written consent of the Board. An assignee who has not been admitted as a Member shall be entitled only to allocations and distributions with respect to such interest in accordance with this Agreement, and shall have no right to any information or, to the fullest extent permitted by law, accounting of the affairs of the Company, shall not be entitled to inspect the books or records of the Company and shall not have any of the rights of a Member under the Act or this Agreement, but shall otherwise assume in writing prior to such Transfer, other than a pledge (in respect of which such compliance shall be required after sale or foreclosure), all obligations of the assignor hereunder as if such assignee were the assignor; no such assignment shall be valid unless the assumption of obligations described in this sentence has been executed. Neither a Transfer of Units nor the admission of the Transferee thereof as a Member shall discharge the transferor from any obligation hereunder. (ii) The restrictions contained in this SECTION 2.6(a) shall not apply with respect to any Transfer of Units or any part thereof by any Member (a) among its Affiliates, (b) to any lender to whom a Member's Units or any part thereof are assigned or pledged pursuant to a loan agreement, (c) to any Member's spouse or children or to a trust or the trustee or 8 68 trustees of a trust directly or indirectly for the benefit of the Member's spouse, children or a charitable organization, (d) to the Member's executors, administrator, testamentary trustee, legatees or beneficiaries upon the Member's death, or (e) by gift (all such transferees shall be collectively referred to as the "Permitted Transferees"); PROVIDED, that the Permitted Transferee shall execute a counterpart of this Agreement; and PROVIDED, FURTHER that the restrictions contained in this Agreement shall continue to apply to the Units after such Transfer by reference to the original Member; and PROVIDED, FURTHER, that the transferor shall remain liable for all of its obligations under this Agreement that survive.

  • Transfer of Award You may not transfer the Restricted Stock Units or any interest in such Units except by will or the laws of descent and distribution [or except as otherwise permitted by the Committee and as specified in the Plan]. Any other attempt to dispose of your interest will be null and void.