ASSUMPTION BY-LAW Clause Samples
An Assumption By-Law is a provision that formally transfers certain rights, obligations, or liabilities from one party to another within an organization, typically through a resolution or internal rule. In practice, this clause may be used when a new entity or individual takes over responsibilities previously held by another, such as assuming debts, contracts, or operational duties. Its core function is to ensure a clear and legally recognized transition of obligations, thereby preventing disputes and maintaining organizational continuity.
ASSUMPTION BY-LAW. Upon the satisfaction of all of the conditions as aforesaid, the Director shall submit a written report to the City Council stating that the Public Services have been constructed and installed to municipal specifications, that all accounts in connection therewith have been paid, that all financial requirements have been met or will be met on the passing of the Assumption By-law and that the Public Services are in the required condition to be assumed. When all of the requirements of this section have been fulfilled, the City shall pass an Assumption By-law for the Public Services. Upon an Assumption By-law being passed, the ownership of the Public Services shall vest in the City, and the Owner shall have no claims or rights thereto other than those accruing to it as an owner of land abutting on public highways where the Public Services were constructed or installed. No action of the City, by way of repair to Public Services, maintenance, use of or connection to Public Services, snow removal from roadways, operation of street lighting system or any other use or action shall be construed as assumption of the affected Public Services, and no ownership shall vest with the City and no assumption shall be construed until the Assumption By-law is passed by City Council.
ASSUMPTION BY-LAW. The assumption of liabilities under this Agreement is in addition to the Company’s and VRP PLC’s assumption of the Original VRC INC’s and VRP PLC’s, as applicable, liabilities by operation of law as a result of the Mergers. Nothing in this Agreement shall be construed as a limitation on the Company’s or VRP PLC’s respective obligation as the surviving party of the Mergers.