Approval of Land Corporation Transactions Clause Samples
The "Approval of Land Corporation Transactions" clause establishes that certain actions or decisions made by a land corporation—such as buying, selling, leasing, or otherwise dealing with real property—require formal approval from a designated party, such as the board of directors or shareholders. In practice, this means that before the corporation can enter into significant agreements or transactions involving its land assets, it must obtain the necessary consent as outlined in the governing documents. This clause ensures oversight and accountability, preventing unauthorized or unilateral decisions that could impact the corporation's interests or expose it to undue risk.
Approval of Land Corporation Transactions. 4.3.1 - Conditions Applicable Community Approval Process:
a. the Corporate Trustee may not buy, sell, transfer, lease, mortgage, pledge, hypothecate, lien, charge, alienate, grant a right of first refusal or option to purchase or otherwise deal with or encumber ("Transaction") the share of the Land Corporation;
b. the Corporate Trustee, on behalf of the Trustees, shall not permit the caveats registered in the appropriate Land Titles Office giving notice of the Option Agreement set out in Schedule 4.3 to lapse or be discharged in whole or in part; and
c. no Transaction in relation to the Permit and Fee Simple Lands shall be permitted.
Approval of Land Corporation Transactions. 5.3.1 Establishment
Approval of Land Corporation Transactions