Reserved Powers Applicable to CMC Sample Clauses
Reserved Powers Applicable to CMC. The Reserved Powers of the System Parent over actions initiated by the CMC Board of Directors shall include the approval of the following:
3.9.1.3.1 Adoption of the annual capital and operating budgets, provided that the expenditure of any Pre-affiliation Assets contemplated by such budgets and proposed in accordance with Section 3.9.3 below will not be subject to the approval of the System Parent;
3.9.1.3.2 Approval of any strategic plans or material nonclinical programming and marketing plans; including material modifications thereof;
Reserved Powers Applicable to CMC. The Reserved Powers of the System Parent over actions initiated by the CMC Board of Directors shall include the approval of the following:
3.9.1.3.1 Adoption of the annual capital and operating budgets, provided that the expenditure of any Pre-affiliation Assets contemplated by such budgets and proposed in accordance with Section 3.9.3 below will not be subject to the approval of the System Parent;
3.9.1.3.2 Approval of any strategic plans or material nonclinical programming and marketing plans; including material modifications thereof;
3.9.1.3.3 Authorization of debt incurred, assumed or guaranteed by CMC in excess of Three Million Dollars ($3,000,000.00), other than as provided for in any approved annual capital or operating budget;
3.9.1.3.4 Authorization of the sale, disposition, mortgage, or encumbrance of any assets in excess of Three Million Dollars ($3,000,000.00) dedicated to the operations of CMC;
3.9.1.3.5 Authorization of CMC to enter into any merger, consolidation or joint venture; or to sell or dispose of substantially all of the assets of CMC and its subsidiaries; or to create or acquire any subsidiary organization;
3.9.1.3.6 Authorization of a capital investment in excess of Three Million Dollars ($3,000,000.00) by CMC or any of its subsidiaries in any individual entity or project in the form of cash or either tangible or intangible property, except as provided in any approved annual capital or operating budget or to the extent funded by the Restricted Assets or by Pre-affiliation Assets;
3.9.1.3.7 Authorization to develop, implement or terminate clinical programs and clinical procedures by CMC and its subsidiaries; and
3.9.1.3.8 The CMC Board of Directors’ appointment or reappointment of the CMC CEO and the determination of the CEO’s compensation. The Reserved Powers, as applied to CMC, are shared with CMCHS and the Roman Catholic ▇▇▇▇▇▇ of Manchester and shall be in the nature of ratification rights, and may not be exercised by the System Parent to initiate action by CMC or its Board of Directors.