This office lease provision states that it is an unpermitted assignment for partners to have a change in their share of partnership ownership and thus a default under the lease. Generally, this type of change in ownership is couched in those provisions dealing with changes in share ownerships of corporations.
Description: The North Dakota Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership is a set of legal regulations and guidelines that govern the transfer and change of ownership of shares in corporations and partnerships within the state of North Dakota. These provisions ensure that such transactions are carried out in a fair and transparent manner, protecting the rights of both shareholders and partners involved. There are several types of provisions that deal with changes in share ownership in corporations and partnerships in North Dakota, including: 1. Transfer Restrictions: These provisions establish restrictions on the transfer of shares or partnership interests, limiting the ability of shareholders or partners to freely sell or transfer their ownership stake. Transfer restrictions may include approval requirements by existing shareholders or partners, right of first refusal clauses, or limitations on transfers to certain parties. 2. Buy-Sell Agreements: Buy-sell agreements are provisions that outline the conditions and terms under which shareholders or partners can buy or sell their ownership interests. These agreements typically establish the valuation methods, triggering events, and procedures for executing the sale or purchase of shares or partnership interests. 3. Dissolution and Liquidation: In the event of a change in share ownership, provisions related to dissolution and liquidation dictate the processes and procedures for winding up the affairs of the corporation or partnership. These provisions may address the distribution of assets, settlement of liabilities, and the proper handling of any remaining shares or partnership interests. 4. Voting Rights and Control: The provisions dealing with changes in share ownership often address voting rights and control within the corporation or partnership. These provisions specify the rights and privileges associated with ownership shares or partnership interests, including voting power, board representation, and decision-making authority. 5. Transferee Rights and Obligations: Provisions related to changes in share ownership also outline the rights and obligations of both existing shareholders or partners and the transferees. These provisions clarify the responsibilities and entitlements of transferees, ensuring their inclusion in the organization and alignment with the existing objectives and policies. It is important for shareholders, partners, and potential investors to carefully review these provisions before engaging in any transactions involving changes in share ownership. Compliance with these provisions is crucial to maintain the integrity and stability of corporations and partnerships in North Dakota.Description: The North Dakota Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership is a set of legal regulations and guidelines that govern the transfer and change of ownership of shares in corporations and partnerships within the state of North Dakota. These provisions ensure that such transactions are carried out in a fair and transparent manner, protecting the rights of both shareholders and partners involved. There are several types of provisions that deal with changes in share ownership in corporations and partnerships in North Dakota, including: 1. Transfer Restrictions: These provisions establish restrictions on the transfer of shares or partnership interests, limiting the ability of shareholders or partners to freely sell or transfer their ownership stake. Transfer restrictions may include approval requirements by existing shareholders or partners, right of first refusal clauses, or limitations on transfers to certain parties. 2. Buy-Sell Agreements: Buy-sell agreements are provisions that outline the conditions and terms under which shareholders or partners can buy or sell their ownership interests. These agreements typically establish the valuation methods, triggering events, and procedures for executing the sale or purchase of shares or partnership interests. 3. Dissolution and Liquidation: In the event of a change in share ownership, provisions related to dissolution and liquidation dictate the processes and procedures for winding up the affairs of the corporation or partnership. These provisions may address the distribution of assets, settlement of liabilities, and the proper handling of any remaining shares or partnership interests. 4. Voting Rights and Control: The provisions dealing with changes in share ownership often address voting rights and control within the corporation or partnership. These provisions specify the rights and privileges associated with ownership shares or partnership interests, including voting power, board representation, and decision-making authority. 5. Transferee Rights and Obligations: Provisions related to changes in share ownership also outline the rights and obligations of both existing shareholders or partners and the transferees. These provisions clarify the responsibilities and entitlements of transferees, ensuring their inclusion in the organization and alignment with the existing objectives and policies. It is important for shareholders, partners, and potential investors to carefully review these provisions before engaging in any transactions involving changes in share ownership. Compliance with these provisions is crucial to maintain the integrity and stability of corporations and partnerships in North Dakota.
