Lapsing definition

Lapsing initiates at midnight on the day the renewal was due. Prospective members able to secure the 30 day Trial Membership may withhold the initiation fee until they activate a regular membership.

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Lapsing means that every three years you will have to update your documents. ‘Non-lapsing’ means that you will NOT have to update your documents unless your circumstances change such as death of partner, divorce, new child. (Although we recommend good practice is to check every three years to make sure your Beneficiaries are still current.)

Lapsing means either (a) the Members’ Scheme not being approved by the requisite majority of the Existing Shareholders; or (b) the Members’ Scheme not being sanctioned by the Court of Session; or (c) the Members’ Scheme not being registered by the registrar of companies in Scotland, in each case in circumstances where the Parent, acting reasonably, decides that as a result the Members’ Scheme is not capable of becoming effective in accordance with its terms before the Restructuring Long Stop Date;

Examples of Lapsing in a sentence

• Such notice may be mailed by the Company up to and including the last day of the time period provided for above for exercise of the Lapsing Repurchase Right.

• The Participant recognizes and agrees that all Granted Shares which are subject to the Lapsing Repurchase Right may not be sold, transferred, assigned, hypothecated, pledged, encumbered or otherwise disposed of, whether voluntarily or by operation of law, other than to the Company (or its designee).

• The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to the Granted Shares issued pursuant to this Agreement, including, without limitation, the Lapsing Repurchase Right, shall be the Participant’s responsibility.

• In the event of forfeiture to the Company of Granted Shares subject to the Lapsing Forfeiture Right, the Company shall release from escrow and cancel a certificate for the number of Granted Shares so forfeited.

• The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to the Granted Shares issued pursuant to this Agreement, including, without limitation, the Lapsing Forfeiture Right, shall be the Participant’s responsibility.

• The notice shall specify the place, time and date for payment of the repurchase price (the “Closing”) and the number of Granted Shares with respect to which the Company is exercising the Lapsing Repurchase Right.

• Notwithstanding any other provision hereof, in the event the Company is prohibited during such one year period from exercising its Lapsing Repurchase Right by Section 160 of the Delaware General Corporation Law as amended from time to time (or any successor provision), then the time period during which such Lapsing Repurchase Right may be exercised shall be extended until 30 days after the Company is first not so prohibited.

• The Company’s Lapsing Repurchase Right shall be valid for a period of one year commencing with the date of such termination of employment or service.

• The Participant recognizes and agrees that all Granted Shares which are subject to the Lapsing Forfeiture Right may not be sold, transferred, assigned, hypothecated, pledged, encumbered or otherwise disposed of, whether voluntarily or by operation of law, other than to the Company (or its designee).

• In the event of a repurchase by the Company of Granted Shares subject to the Lapsing Repurchase Right, the Company shall release from escrow and cancel a certificate for the number of Granted Shares so repurchased.

More Definitions of Lapsing

Lapsing in this policy, means the forfeiture of Overtime at 1.0 if unused by the expiration date.