Withdrawal from Share Ownership Clause Samples

The "Withdrawal from Share Ownership" clause defines the process and conditions under which a shareholder may exit their ownership position in a company. Typically, this clause outlines the steps a shareholder must follow to withdraw, such as providing notice to the company or other shareholders, and may specify how the departing shareholder's shares are to be valued and transferred—often to existing shareholders or back to the company. Its core practical function is to provide a clear, orderly mechanism for shareholders to leave the company, thereby preventing disputes and ensuring business continuity.
Withdrawal from Share Ownership. Withdrawal of the Qualifying Resident from Share Ownership of the Mutual shall terminate this Agreement, and withdrawal shall occur: (a) at any time by written agreement signed by the Qualifying Resident and the Mutual; (b) by the Qualifying Resident giving at least one (1) full calendar months' notice of withdrawal in writing, the time being calculated from the last day of the month in which notice is given; or (c) in the circumstances provided for withdrawal specified in the Governing Documents of the Mutual; or (d) termination based upon a breach of this Agreement and/or the Governing Documents.
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Withdrawal from Share Ownership. 19 Section 16.1 - Withdrawal from Share Ownership 19 Section 16.2 – Stock Redemption. 19 ARTICLE XVII 19 RIGHTS AND REMEDIES/WAIVERS 19 Section 17.1 – Cumulative Rights. 19 Section 17.2 – Failure to pursue Remedies. 20 Section 17.3 – Non-waiver of remedies. 20 Section 17.4 – Waiver to be in writing 20 ARTICLE XVIII 20 DEFAULT BY QUALIFYING RESIDENT AND EFFECT THEREOF 20 Section 18.1 – Definition of Default by Qualifying Resident 20 Section 18.2 – Effect of Default 21 Section 18.3 – Landlord- Tenant Relationship. 22 Section 18.4 – Qualifying Resident Waiver. 22 Section 18.5 – Mutual Remedies. 22 ARTICLE XIX 22 RIGHT TO ENTER/INSPECTION OF ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇.▇ – Entry For Emergency. 22 Section 19.2 – Costs of Emergency Entry 22 Section 19.3 – Entry for Non-Emergency 23 Section 19.4 – Definition of “reasonable purpose”. 23 Section 19.5 – Time of Entry 23 Section 19.6 – No Refusal to Enter Unit. 23 ARTICLE XX 24 SERVING NOTICES 24 Section 20.1 Service of Notice By The Mutual or By The Qualifying Resident. 24 ARTICLE XXI 24 LIMITIATION OF LIABILITY 24 Section 21.1 – Liability Limited. 24 ARTICLE XXII 25 MISCELLANEOUS PROVISIONS 25 Section 22.1 – Amendments to the Agreement 25 Section 22.2 – Oral Representation Not Binding. 25 Section 22.3 – Rules of Interpretation 25 Section 22.4 – Successors and Assigns. 26 Section 22.5 – Enforceability. 26 Section 22.6 – Attorney’s Fees and Costs. 26 OCCUPANCY AGREEMENT OF SEAL BEACH MUTUAL NO. THREE
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Related to Withdrawal from Share Ownership

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.