General Direct Action definition

General Direct Action means an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim (x) sounds in contract, tort, fraud or otherwise or (y) is based on common law, statutory, equitable, legal or other grounds) where the harm alleged falls upon all shareholders of a Series or class (and not an individual harm only to the shareholder or shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their interests in such Series or class.
General Direct Action. 2 (m) “Interested Person” 2
General Direct Action means an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim (x) sounds in contract, tort, fraud or otherwise (including without limitation claims involving violation of Shareholders’ rights under this Declaration and any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim) or (y) is based on common law, statutory, equitable, legal or other grounds) (in each case, a “claim” for purposes of this definition) where the harm alleged falls upon or where such claim affects all Shareholders of a Series or Class (and not an individual harm to or effect on solely the Shareholder or Shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their interests in such Series or Class;

Examples of General Direct Action in a sentence

  • No Shareholder may maintain a General Direct Action unless holders of at least ten percent (10%) of the outstanding Shares or, if less than all outstanding series or classes are alleged to have been harmed in connection with the General Direct Action, ten percent (10%) of the Shares in the respective series, class or classes alleged to have been harmed, join in the bringing of such action.

  • To the fullest extent permitted by Delaware law, the Shareholders’ right to bring a General Direct Action against the Trust and/or its Trustees is eliminated, except for a General Direct Action to enforce an individual Shareholder right to vote or a General Direct Action to enforce an individual Shareholder’s rights under Sections 3805(e) or 3819 of the Delaware Statutory Trust Act.


More Definitions of General Direct Action

General Direct Action means an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim (x) sounds in contract, tort, fraud or otherwise (including without limitation claims involving violation of Shareholders’ rights under this Declaration and any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim) or (y) is based on common law, statutory, equitable, legal or other grounds) (in each case, a “claim” for purposes of this definition) where the harm alleged falls upon or where such claim affects all Shareholders of a Series or Class (and not an individual harm to or effect on solely the Shareholder or Shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their interests in such Series or Class;

Related to General Direct Action

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