Shareholder Derivative Demand definition
Shareholder Derivative Demand means a written request by one or more shareholders of the Company, in their capacity as such, upon the board of directors of the Company (or an equivalent managing body) to investigate or evaluate any fact, circumstance or situation that may reasonably be expected to give rise to a Claim being made against an Insured Person. A Shareholder Derivative Demand shall be deemed to have been first made at the time an Insured receives such written request by a shareholder(s).
Shareholder Derivative Demand means any written demand, first made during the Policy Period, or during the Discovery Period (if purchased), by one or more shareholders of the Entity, upon the board of directors of the Entity, to bring a civil proceeding on behalf of the Entity in a court of law against any Insured Person for a Wrongful Act.
Shareholder Derivative Demand means a written request by one or more shareholders of the Insured Organization, in their capacity as such, upon the board of directors of the Insured Organization to bring a civil proceeding against any of the Insured Persons for an actual or alleged Wrongful Act.
Examples of Shareholder Derivative Demand in a sentence
Insuring Clause 4: Investigative Costs Coverage ------------------ The Company shall pay on behalf of the Insured Organization all Investigative Costs which such Insured Organization becomes legally obligated to pay on account of any Shareholder Derivative Demand first made during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by an Insured Person occurring before or during the Policy Period.
More Definitions of Shareholder Derivative Demand
Shareholder Derivative Demand means a written demand by one or more security holders of an Insured Entity upon the board of directors of an Insured Entity to bring a civil proceeding in a court of law against any Insured Person for a Wrongful Act.
Shareholder Derivative Demand means a written demand brought by one or more shareholders of the "organization" in their capacity(ies) as such upon the board of directors or equivalent management body of the "organization" to bring a civil proceeding in a court of law on behalf of, or in the name or right of, the "organization" against any "insured person" for a "wrongful act" committed by such "insured person", but only if such demand is asserted without the solicitation, assistance or participation of any "executive" or functional equivalent thereof.
Shareholder Derivative Demand means a written demand by one or more owners of Securities upon the board of directors of the Company to bring a civil proceeding in a court of law against any of the Directors and Officers for a Wrongful Act.
Shareholder Derivative Demand means a written demand on the Insured Organisation's board of directors (or equivalent management body) by one or more shareholders of the Insured Organisation to bring a civil proceeding against any Insured Person for a Wrongful Act.
Shareholder Derivative Demand means any written demand on behalf of the Organization brought and maintained by any shareholder of the Organization and made upon the board of directors or board of managers of the Organization, or any functional equivalent board, to bring a civil proceeding in a court of law against any Insured Person for a Wrongful Act committed by an Insured Person.