Self-Dealing Transactions Clause Samples
A Self-Dealing Transactions clause regulates situations where a party to the agreement enters into transactions with themselves or with entities in which they have a personal interest. This clause typically requires disclosure of such relationships and may mandate approval by disinterested parties or a governing body before the transaction can proceed. By establishing these requirements, the clause helps prevent conflicts of interest and ensures that all transactions are conducted fairly and transparently, protecting the integrity of the agreement and the interests of all parties involved.
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Self-Dealing Transactions. Section 7.1 Definition Self-dealing transaction means a transaction to which the corporation is a party and in which one or more of the Directors ("interested Director(s)") has a material financial interest. Notwithstanding this definition of self-dealing transaction, the following transactions are not self-dealing transactions, and are subject to the Board's general standard of care: An action by the Board fixing the compensation of a Director as a Director or officer of the corporation; a transaction which is part of a public or charitable program of the corporation if the transaction is:
1. Approved or authorized by the corporation in good faith and without unjustified favoritism, and
2. Results in a benefit to one or more Directors or their families because they are in a class of persons intended to be benefited by the program;
3. A transaction of which the interested Directors have no actual knowledge, and which does not exceed the lesser of one percent (1%) of the corporation's gross receipts for the fiscal year immediately preceding, the year in which such transaction occurs or One Hundred Thousand Dollars (S100,000)
Section 7.2 Action of the Board If the transaction appears to be a self-dealing transaction, the interested Director must demonstrate the following in order to sustain the validity of the transaction:
a. That, prior to consummating the transaction or any part thereof, the Board authorized or approved the transaction in good faith by vote of a majority of the Directors then in office excluding the vote of the interested Director(s) and with knowledge of the material facts concerning the transaction and the interested Director's interest in it. Except as provided in Section 7.4 action by a committee of the Board will not satisfy this requirement;
b. That either:
1. Prior to authorizing or approving the transaction, the Board considered and in good faith determined after reasonable investigation that the corporation could not have obtained a more advantageous arrangement with reasonable effort under the circumstances; or
2. The corporation in fact could not have obtained a more advantageous arrangement with reasonable effort under the circumstances.
c. That the corporation entered into the transaction for its own benefit; and
d. That the transaction was fair and reasonable as to the corporation at the time the corporation entered into the transaction.
Self-Dealing Transactions. As used in this section, a "self-dealing contract" is any contract or transaction (i) between this Corporation and one or more of its Directors, or between this Corporation and any corporation, firm or association in which one or more of the Directors or, to the best of each respective Director’s knowledge at the time the contract or transaction is proposed, or thereafter, one or more Promoter Members has a material financial interest, or
Self-Dealing Transactions.
1. First-tier penalties.
a. On Individual CTCC member who is a self-dealer or who is related to a self- dealer. Under this Agreement, there is a penalty imposed on each knowing act of self-dealing between a disqualified person and a Scientology-related entity. The penalty shall equal 5 percent of the amount involved with respect to the act of self-dealing for each taxable year (or part thereof) in the sanction period (defined below). The penalty imposed by this paragraph shall be paid by each Individual CTCC member: (i) who is the disqualified person who engaged in such act of self-dealing; or (ii) who is related (as described in section VIII. paragraph N.2. through 9., including the attribution rules contained therein) to any person that participates in the act of self-dealing. No penalty shall be due under this paragraph B.1.a. if and to the extent that an act of self-dealing has been corrected within the correction period.
b. On Individual CTCC members with knowledge of transaction. In any case in which a penalty is imposed by section VI. paragraph B.1.a., there is an additional penalty imposed on the participation of any Individual CTCC member in an act of self-dealing between any disqualified person and a Scientology-related entity, knowing that it is such an act, equal to 2 1/2 percent of the amount involved with respect to the act of self- dealing for each taxable year (or part thereof) in the sanction period, unless such participation is not willful and is due to reasonable cause. The penalty imposed by this paragraph shall be paid by any Individual CTCC member who participated in the act of self-dealing. No penalty shall be due under this paragraph B.1.b. if and to the extent that an act of self-dealing has been corrected within the correction period.
2. Second-tier penalties.
a. On Individual CTCC member who is a self-dealer or who is related to a self- dealer. In any case in which a first tier penalty is imposed by section VI. paragraph B.1. on an act of self-dealing by a disqualified person with a Scientology-related entity and the act is not corrected within the sanction period, there is ▇▇▇▇▇▇ imposed a penalty equal to 200 percent of the amount involved. The penalty imposed by this paragraph shall be paid by each Individual CTCC member: (i) who is the disqualified person who engaged in such act of self-dealing; or
Self-Dealing Transactions. As used in this Section, a “self-dealing contract” is any contract or transaction: (a) between the Alliance and one or more of its Directors, or between the Alliance and any corporation, firm or association in which one or more of the Directors has a material financial interest; or (b) between the Alliance and a corporation, firm or association of which one or more of its directors are Directors of the Alliance (collectively, “Interested Director(s)”). Pursuant to Section 7233 of the California Nonprofit Corporation Law, no self-dealing contract shall be void or voidable because such Interested Director(s) or corporation, firm or association are parties or because such Interested Director(s) are present at the meeting of the Board or committee which authorizes, approves or ratifies the self-dealing contract, if:
Self-Dealing Transactions. The Partnership shall not, and shall cause its Subsidiaries not to, enter into any agreement or transaction with the JCP Funds, Jefferies Capital Partners IV LLC (the “Manager”), any other investment funds managed by the Manager or any other Person controlled by the JCP Funds, the Manager or such other investment funds, including without limitation the General Partner (collectively “JCP Affiliates”), unless such transactions are (a) on terms no worse than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s-length basis with a Person that is not a JCP Affiliate or (b) approved by the holders of a majority of the then outstanding Common Units not owned by JCP Affiliates. Notwithstanding the foregoing, the restrictions set forth in this Section 6.5 shall not apply to and shall not prohibit the transactions contemplated by or permitted by the Investment Documents and/or this Agreement, including without limitation transactions permitted by Sections 6.3 and the issuance of Units issued in compliance with Section 7.4.
Self-Dealing Transactions. A self-dealing transaction is a transaction to which this Corporation is a party and in which one or more of its Directors has a material financial interest. When considering any self-dealing transaction, the Board shall comply with all requirements of California law regarding such transactions, and shall follow the procedures set forth in any applicable policies of the Parent Corporation or the System Corporation regarding such transactions, as such policies may be amended by the Parent Corporation or the System Corporation, as applicable, from time to time.
Self-Dealing Transactions. Except as may otherwise be provided by the Act or the Articles, no contract or other transaction between the Corporation and one or more of the Directors or any other corporation, firm, association or entity in which a Directorof the Corporation has an interest shall be voided of doing business with the corporation subject to the provisions section 33-5204 and 33-507 or other relevant sections ofldaho Code.