Impasse

Impasse. Means any of the cases of inability by the directors or shareholders of any of the Companies to reach the required majority to take a valid resolution on any of the following matters: approval of the Companies' financial statements and/or business plans, appointment of the board of directors, appointment of the Managing Director, capital increases of the Companies (to the extent that the capital increase is required to comply with any law provision or any order of competent authority),... distribution of dividend according to the agreed dividend pay-out policy, or on any other resolution where failure to take such resolution may result in any of the Companies' impossibility to carry out its operations or business. All the provisions hereof shall apply to both the Companies or, in case of merger between the Companies, to the company resulting from the merger. View More