STATUTORY PROHIBITION Clause Samples
A Statutory Prohibition clause defines that the agreement or certain obligations within it are subject to compliance with applicable laws and regulations, and that any provision found to be illegal or unenforceable due to statutory restrictions will not be effective. In practice, this means that if a law prohibits a specific action or term in the contract, that part is either modified or disregarded without invalidating the rest of the agreement. This clause ensures that the contract remains legally enforceable and protects the parties from inadvertently breaching the law, thereby maintaining the integrity of the agreement even if legal requirements change or are clarified.
POPULAR SAMPLE Copied 10 times
STATUTORY PROHIBITION. No written or published statute, rule, regulation or order shall have been enacted, entered or deemed applicable by any domestic or foreign government or governmental or administrative agency or court which would make the transaction contemplated by this Agreement illegal.
STATUTORY PROHIBITION. No action shall have been taken, and no statute, rule or regulation shall have been enacted, by any Government or governmental agency in the United States which would prevent the consummation of the transactions contemplated hereby or make the consummation of the transactions contemplated hereby illegal.
STATUTORY PROHIBITION. The Trustees shall not -
(i) appropriate Shares to an Eligible Employee who is required by paragraph 8 of Schedule 9 to be precluded from having Shares appropriated to him; or
(ii) appropriate Shares to an Eligible Employee which do not satisfy the conditions set out in paragraphs 10, 11, 12 and 14 of Schedule 9.