Consequences of a Breach of a Corporate Agreement Sample Clauses

Consequences of a Breach of a Corporate Agreement. Liability Another important novelty is that a party to a corporate agreement is now entitled to file a claim with a court to render invalid a decision taken by a company's management body as the result of a breach of the agreement (e.g., of the obligation to vote in a certain way on the general meeting of shareholders) by the other party.38 However, for enforcement of this right, it is necessary that at the time of taking the respective decision, all shareholders of the company should be the parties to the corporate agreement.39 34 In particular, the decisions of the Federal Arbitration Court of Moscow District dated 4 July 2012 on case No. А40- 79399/00-00-000 and dated 22 July 2011 No. КГ-А40/5666-11-1,2 on case No. А40-75144/00-00-000. 35Article 312 of the Civil Code. 36The first draft of the Federal Law No. 47538-6, On the Introduction of Amendments to the Part One, Two, Three and Four of the Civil Code of the Russian Federation, as well as to Some Legislative Acts of the Russian Federation being considered by the State Duma (xxxx://xxxxx0.xxxx.xxx.xx/xxxx.xxx/(Spravka)?OpenAgent&RN=47538-6)contained a number of amendments, including a revised version of Article 157 of the Civil Code, which provided that precedent conditions were unacceptable if they "mainly depend on the parties will, unless otherwise is established by the law or entails from the sense of the transaction", in addition to special rules regarding option agreements. This version of the bill was divided by the end of 2013 into several sets of changes, while only parts of them have been enacted to date.
Sample 1
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Consequences of a Breach of a Corporate Agreement. Liability A party to a corporate agreement is entitled to file a claim with a court to render invalid a decision taken by a company's management body as the result of a breach of the agreement (e.g., of the obligation to vote in a certain way on the general meeting of shareholders) by the other party.36 However, for this right to be enforced, it is necessary that at the time of taking the respective decision all shareholders of the company were the parties to the corporate agreement.37 At the same time, rendering the decision invalid does not result in the invalidity of the transactions of the company with third parties entered into based on such a decision. 34 Article 21.11 of the LLC Law. 35 Article 429.2.1 of the Civil Code 36Article 32.1 clause 4 of the JSC law provides that violation of a shareholder agreement cannot be grounds for invalidation of the decisions taken by the company's bodies and is therefore not applicable.
Sample 1

Related to Consequences of a Breach of a Corporate Agreement

  • Consequences of Breach Without prejudice to any rights that may be available to the Principal/Owner under law or the Contract or its established policies and laid down procedures, the Principal/Owner shall have the following rights in case of breach of this Integrity Pact by the Tenderer(s)/Contractor(s) and the Tenderer/ Contractor accepts and undertakes to respect and uphold the Principal/Owner’s absolute right:

  • Financial Consequences of Non-Performance If the corrective action plan is unacceptable to the Department or Customer, or fails to remedy the performance deficiencies, the Contractor will be assessed a non-performance retainage equivalent to 10% of the total invoice amount or as specified in the Contract. The retainage will be applied to the invoice for the then-current billing period. The retainage will be withheld until the Contractor resolves the deficiency. If the deficiency is subsequently resolved, the Contractor may invoice the Customer for the retained amount during the next billing period. If the Contractor is unable to resolve the deficiency, the funds retained will be forfeited.

  • Consequences of non-compliance If a beneficiary breaches any of its obligations under this Article, the grant may be reduced (see Article 43). Such breaches may also lead to any of the other measures described in Chapter 6.

  • CONSEQUENCES OF TERMINATION AND EXPIRY 28.1 Notwithstanding the service of a notice to terminate this Framework Agreement, the Supplier shall continue to fulfil its obligations under this Framework Agreement until the date of expiry or termination of this Framework Agreement or such other date as required under this Clause 28 (Consequences of Termination and Expiry).

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement:

  • Consequences of Termination Upon the termination of this Agreement:

  • Consequences of an Event of Default (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following:

  • Consequences of Force Majeure If the Affected Party has taken all necessary steps towards mitigating the effect of a Force Majeure event, then:

  • CONSEQUENCES OF EARLY TERMINATION OR OTHER BREACH BY APPLICANT A. In the event that the Applicant terminates this Agreement without the consent of the District, except as provided in Section 7.2 of this Agreement, the Applicant shall pay to the District liquidated damages for such failure within thirty (30) days after receipt of the notice of breach.

  • Financial Consequences for Nonperformance The State reserves the right to withhold payment or implement other appropriate remedies, such as contract termination or nonrenewal, when the Contractor has failed to perform under or comply with the provisions of this contract. When or if the Contractor fails to perform or comply with provisions of this contract, the Contractor has ten (10) calendar days from receipt of Complaint to Vendor Form (PUR 7017) to comply as instructed within the notice. An amount of $500.00 may be assessed for each day the Contractor is delinquent after the ten (10) day notice period ends, and that amount may be withheld from a Contractor’s invoice. The rights and remedies of the State in this paragraph are not considered penalties and are in addition to any other rights and remedies provided by law.

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