Entrusted Operation Sample Clauses
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Entrusted Operation. 1.1 Party A agrees to irrevocably entrust the right of operation management of Party A and the responsibilities and authorities of Party A’s investor and the executive director to Party B in accordance with the terms and conditions of this Agreement. Party B agrees to exercise the aforesaid rights and responsibilities in accordance with the terms and conditions of this Agreement.
1.2 The term of the entrusted operation is from the effective date of this Agreement to the earliest date of the following:
1) The termination date of Party A’s business; or
2) The termination date of the entrusted operation as agreed upon by the parties under this Agreement; or
3) The date on which Party B possesses more than 51% of Party A’s shares.
1.3 The purpose of the entrusted operation is: Party B shall be in charge of the normal business operations of Party A and perform the responsibilities and rights of Party A’s investor and the executive director, and Party A shall pay its profit (if any) to Party B and Party B shall be responsible to Party A’s loss (if any). During the term of the entrusted operation, Party B, as the entrusted manager, shall provide full management to Party A’s operations.
1.4 The contents of the entrusted operation shall include but not be limited to the following:
1) Party B shall be in charge of all aspects of Party A’s operations; nominate and replace the members of Party A’s executive director, engage Party A’s management staff and decide their compensation.
2) Party B shall manage and control all the funds of Party A. The account of Party A shall be managed and decided solely by Party B. The seals and signatures for such account shall be the seals and signatures of the personnel appointed and confirmed by Party B. All the cash of Party A shall be kept in this entrusted account shall be handled through this account, including but not limited to receipt of all Party A’s business income, current working capital, recovered account receivables, etc., and the payment of all account payables and operation expenses, employee salaries and asset purchases, etc.
3) All the matters of Party A, including internal financial management, day-to-day operation, external contact execution and performance, tax filing and payment, change of rights and personnel, etc., shall be controlled and managed by Party B in all aspects.
4) Party B shall enjoy all the other responsibilities and rights enjoyed by Party A’s investor in accordance with the Company Law and the art...
Entrusted Operation. Party A agrees to irrevocably entrust the right of operation management of Party A and the responsibilities and authorities of Party A’s shareholders and the Executive Director to Party B in accordance with the terms and conditions of this Agreement. Party B agrees to exercise the aforesaid rights and responsibilities in accordance with the terms and conditions of this Agreement.All the shareholders of Party Aissued Power of Attorney (“Power of Attorney”)to Party Bby on the same dayas this Agreement. Except that this Agreement terminates, the aforesaid entrustment shall be irrevocable.
Entrusted Operation. 1.1 Party A agrees to irrevocably entrust the right of operation management of Party A and the responsibilities and authorities of Party A's shareholders' meeting and the board of directors to Party B in accordance with the terms and conditions of this Agreement. Party B agrees to exercise the aforesaid rights and responsibilities in accordance with the terms and conditions of this Agreement.
1.2 The term of the entrusted operation is from the effective date of this Agreement to the earliest date of the following:
1) The termination date of Party A's business; or 2) The termination date of the entrusted operation as agreed upon by the parties under this Agreement; or 3) The date on which Party B possesses more than 51% of Party A's shares.
1.3 The purpose of the entrusted operation is: Before Party B possess the controlling stock (more than 51%) of Party A, Party B shall be in charge of the normal business operations of Party A and perform the responsibilities and rights of Party A's shareholders' meeting and the board of directors, and Party A shall pay its profit (if any) to Party B and Party B shall be responsible to Party A's loss (if any). During the term of the entrusted operation, Party B, as the entrusted manager, shall provide full management to Party A's operations.
1.4 The contents of the entrusted operation include but not limited to the following: 1) Party B shall be in charge of all aspects of Party A's operations; nominate and replace the members of Party A's board of directors, engage Party A's management staff and decide their compensation.