Prohibited Controlling Shareholder definition
Prohibited Controlling Shareholder means – a controlling shareholder, with regard to whom two Debenture Holders' meetings (Series A and Series B) (each of which was convened at the demand of holders of that series, one or more, holding together at least 20% of the balance of par value of that series (Series A or Series B, as relevant), have decided, by a Special Decision, within 21 days of the date on which the Company reports the change of control in an immediate report, that they object to the change of control, for reasonable reasons related to the personal reputation of the Prohibited Controlling Shareholder, for example the fact that he had committed a flagrant offence or that he does not meet the conditions set by law for serving as a director in a public company in Israel.