Contributors’ Committees Sample Clauses
The Contributors’ Committees clause establishes the formation and governance of committees composed of contributors to a project or organization. Typically, this clause outlines how committee members are selected, their roles and responsibilities, and the scope of their decision-making authority, such as overseeing project milestones or managing funds. By defining these structures, the clause ensures organized collaboration among contributors and provides a clear framework for collective decision-making, thereby reducing ambiguity and potential disputes.
Contributors’ Committees. For each Fund under the Platform a Contributors’ Committee shall be set up. The main role of each Contributors’ Committee is to oversee activities under the respective Fund and to approve specific operations supported through the Contributions made to such Fund. Decisions of each Contributors’ Committee on operations shall be made either by tacit procedure or during meetings, as further described in Article 5.8 of these Platform Rules. The roles and responsibilities of the Contributors’ Committee include the following:
(i) approving proposed operations within 15 Business Days of their receipt on a tacit basis, as applicable in accordance with Article 5.8 of these Platform Rules;
(ii) approving Third Party Financing;
(iii) approving redemption (to the Contributors) or reallocation (to another Fund) of remaining Contributions Paid in the relevant Fund upon its termination;
(iv) approving any amendment to the Fund Description, including any prolongation of the Fund;
(v) approving minutes of the Contributors’ Committee meetings within 15 Business Days of their receipt;
(vi) reviewing reports on operations submitted by the Administrator within 30 Business Days of their receipt;
(vii) approving the consolidated financial statements submitted by the Administrator within 30 Business Days of their receipt; and
(viii) exercising other functions that may be necessary from time to time to contribute to the achievement of the objectives of the Fund.
Contributors’ Committees. 62 5.5. Members of the Partnerships Committees and the Contributors’ Committees 63 5.6. Meetings and conferences 64 5.7. Convening power 64 5.8. Decision-making process. 64 5.9. Agenda and documentation. 65 5.10. Minutes and disclosures. 65 5.11. Correspondence. 66 5.12. Confidentiality. 66 5.13. Remuneration. 66 6. ARTICLE 6 APPROVAL PROCESS OF OPERATIONS. 66 6.1. Design and implementation of operations. 66 6.2. Submission of operations for approval 67 6.3. Operations below a defined threshold. 67 6.4. Operations above a defined threshold. 67 6.5. Approved operations 67 7. ARTICLE 7 FEES. 68 7.1. Administration fee. 68 7.2. Instrument fee. 69 7.3. fees. 69 8. ARTICLE 8 MANAGEMENT OF OUTSTANDING BALANCE. 69 8.1. of Fund Outstanding Balance. 69 8.2. Proceeds/losses from placement of Fund Outstanding Balance. 70 8.3. Investment tools and features 70 8.4. Liability arising from management of Fund Outstanding Balance. 70