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The agreement will also provide that no affiliate of Southern will sell or otherwise reduce such affiliate's risk relative to any shares of BancGroup Common Stock received in the Merger until financial results concerning at least 30 days of post-Merger combined operations have been published. 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Each Controlling Shareholder has delivered to the Purchaser accurate and complete copies of the stock certificates evidencing the Purchased Shares owned by such Controlling Shareholder.\n(c) Each Controlling Shareholder:\n(i) has not, at any time, (A) made a general assignment for the benefit of creditors, (B) filed, or had filed against him, any bankruptcy petition or similar filing, (C) suffered the attachment or other judicial seizure of all or a substantial portion of his assets, (D) admitted in writing its inability to pay his debts as they become due, (E) been convicted of, or pleaded guilty to, fraud or criminal dishonesty or (F) taken or been the subject of any action that may have an adverse effect on his ability to comply with or perform his respective covenants or obligations under any of the Transaction Documents; and\n(ii) is not subject to any Order that may have an adverse effect on his ability to comply with or perform its covenants or obligations under any of the Transaction Documents.\n(d) There is no Proceeding pending, and no Person has threatened to commence any Proceeding, that may have an adverse effect on the ability of any Controlling Shareholder to comply with or perform his covenants or obligations under any of the Transaction Documents. No event has occurred, and no claim, dispute or other condition or circumstance exists, that might directly or indirectly give rise to or serve as a basis for the commencement of any such Proceeding.\n(e) No consent, approval, authorization, order, registration or qualification of or by any Person is required in connection with the execution, delivery and performance by any Controlling Shareholder of this Agreement or the consummation of the Transactions contemplated hereby.\n(f) To the Knowledge of the Company and the Controlling Shareholders, each of the Selling Shareholders is not a non-resident of Canada for purposes of the Tax Act and accordingly, Section 116 of the Tax Act has no application to the transactions contemplated herein, with the exception of Messrs. 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It typically outlines how these shareholders may influence major corporate decisions, such as mergers, acquisitions, or changes to the board of directors, and may impose obligations to protect minority shareholders from potential abuses of power. The core function of this clause is to ensure a balance of power within the company, preventing controlling shareholders from acting solely in their own interests at the expense of others, thereby promoting fairness and transparency in corporate governance."}, "json": true, "cursor": ""}}