Step 1B Clause Samples
Step 1B. Azur shall procure that resolutions of the shareholders of Azur are proposed and passed:
1.3.1. approving a reduction in Azur’s authorized but unissued share capital denominated in euro in accordance with section 68 of the 1963 Act (including the deferred shares currently in existence);
1.3.2. approving the increase in Azur’s authorized share capital by the creation of ordinary shares denominated in US Dollars (with a par value of US$0.0001) and deferred shares denominated in US Dollars (with a par value of US$0.0001);
1.3.3. re-designating 4,000,000 issued ordinary shares in Azur into 4,000,000 deferred shares of €0.01 each, which deferred shares will carry no voting rights and no economic value (other than nominal payment on return of capital) and which are to remain in issue in order to comply with Azur’s minimum capitalization requirements pursuant to the Irish Companies (Amendment) ▇▇▇ ▇▇▇▇;
1.3.4. amending the memorandum and Articles of Association of Azur to reflect the above resolutions and to include a provision authorizing the board of Azur to effect the acquisition of euro-denominated shares for nil consideration using the statutory power in section 41(2) of the Companies (Amendment) ▇▇▇ ▇▇▇▇;
1.3.5. authorizing Azur to make a bonus issue of shares to its shareholders using the amounts standing to the credit of the share premium account, and shall procure that all necessary filings in respect of the foregoing are prepared and made as required under the Companies Acts.
Step 1B. Upon receipt of an Exchange Election, the Managing Member shall deliver to the Series B Members (i) a copy of the Exchange Election, and (ii) a schedule (the “Reclassification Schedule”) setting forth the Exchange Value and a calculation based on such price of the number of Reclassified Units to be Exchanged by each of the Selling Series A-1 Member and the Series B Members.
Step 1B. A. If the grievance is not satisfactorily answered in Step 1A, the Association representative may present the grievance in writing to the Police Chief within fifteen (15) calendar days after receipt of the answer in Step 1A.
B. The Police Chief, upon receipt of the grievance, shall within fifteen (15) calendar days, submit a written answer to the Association representative.
Step 1B. The recipient of the grievance shall note the date and time of receipt on the grievance form, and shall respond in writing within ten (10) days from the date of receipt. The response shall be made on the grievance form, and a copy of the completed form shall be returned tothe grievant, ▇▇▇▇▇▇▇ or Union representative, as the case may be.