Community Foundation Sample Clauses

Community Foundation. Prior to the Closing Date, BHRB shall use its reasonable best efforts to establish a new charitable foundation (the “Foundation”), focused on community support in the geographic areas served by the Continuing Bank and whose purpose will be to offer grant-making programs, including donor-advised funds, endowments, scholarships, field-of-interest funds, and giving circles. The initial members of the board of trustees of the Foundation will be selected by the Board of Directors of BHRB and the Board of Directors of SMMF prior to the Closing Date, with each respective Board of Directors entitled to select up to eight (8) initial members. Within three (3) business days of the Closing Date, the Continuing Corporation shall contribute to the Foundation an amount in cash equal to $5,000,000. The form and substance of the organizational documents of the Foundation shall be subject to SMMF’s prior written consent (which consent will not be unreasonably conditioned, withheld or delayed).

Community Foundation. Prior to the Closing Date, BHRB shall use its reasonable best efforts to establish a new charitable foundation (the “Foundation”), focused on community support in the geographic areas served by the Continuing Bank and whose purpose will be to offer grant-making programs, including donor-advised funds, endowments, scholarships, field-of-interest funds, and giving circles. The initial members of the board of trustees of the Foundation will be selected by the Board of Directors of BHRB and the Board of Directors of SMMF prior to the Closing Date, with each respective Board of Directors entitled to select up to eight (8) initial members. Within three (3)

Community Foundation. If Peoples Bank determines following ------------ -------------------- the Effective Time to form a non-profit foundation, managed by its Board of Directors for the benefit of the communities served by Peoples Bank, German American will support the initial year's funding by Peoples Bank of such foundation of at least $28,000 and future years' fundings at levels not less than Peoples Bank's past charitable contributions practices. ARTICLE SIX ----------- CONDITIONS PRECEDENT TO THE MERGERS -----------------------------------

Community Foundation. FOR SURREY a company limited by guarantee with registered number 5442921 and a registered charity with number 1111600 having its registered office at Church House, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇ ▇▇▇ (“We/Us”).