Asset locked definition

Asset locked means that there is a clause in your constitution or articles which prevents assets, such as cash or buildings, from being distributed for private benefit when the organisation is wound up. CICs, charities and community benefit societies are asset locked. Other organisations may have an asset lock in their articles as a separate clause, or as part of the winding up or dissolution clause.
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Asset locked means that there is a clause in your constitution or articles which prevents assets, such as cash or buildings, from being distributed for private benefit when the organisation is wound up.
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Related to Asset locked

  • Excluded Deposit Account means (a) any deposit account exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such and (b) any ▇▇▇▇▇ Cash Accounts.

  • Excluded Deposit Accounts means deposit accounts (a) exclusively used for paying payroll and payroll and withholding taxes relating thereto and making employee benefit payments, (b) exclusively used as an escrow account or fiduciary or trust account for the benefit of third parties or (c) any zero-balance disbursement account (i.e., any account used solely for disbursement purposes in which balance of zero is maintained by automatically transferring funds from another account in an amount only large enough to cover checks presented).

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Concentration Account has the meaning provided in Section 6.13(c).