Designated Office - GMSLA Provision: Difference between revisions

Jump to navigation Jump to search

Designated Office - GMSLA Provision (view source)

Revision as of 19:16, 22 January 2020

1,503 bytes removed ,  22 January 2020
no edit summary
No edit summary
No edit summary
 
Line 1: Line 1:
{{gmslaanat|Designated Office}}
{{gmslaanat|Designated Office}}
Just what significance a {{gmslaprov|Designated Office}} has to a stock borrower or lender is never made clear in the {{gmsla}}. It gets a mention in the first line of Clause {{gmslaprov|1.1}} — encouraging you would think — but gets no further mention until it is defined, unenlighteningly, as you can see in the panel. 
{{gmsla designated office|gmsla}}
 
What are we to make of this? “The parties, acting through their {{gmslaprov|Designated Office}}s, may enter into transactions ...” — that is a common or garden [[agreement to agree]], folks — so is this meant to restrict the parties’ ability to act out of other offices?
 
Note in the more fulsomely-articulated<ref>Some would say, “''tiresomely''”-articulated.</ref> {{isdama}} the “{{isdaprov|Multibranch Parties}}” concept involves the party giving [[representations]] as to recourse, and expressly prohibits parties changing their specified {{isdaprov|Office}}s during the life of a transaction without the other’s [[prior written consent]].
 
Details fans will immediately note that, from the point of view of legal and corporate philosophy — a subject dear to every [[Legal Eagles|attorney]]’s heart — the differing offices or branches of a [[legal entity]] have no distinct legal personality, any more than does a one’s arm have different personality one’s her leg. So, being a “multibranch” party, or acting out of a designated office, makes no legal difference. If you’re bound, you’re bound.
 
the main risk of booking out of the wrong entity is a taxation risk.


{{sa}}  
{{sa}}  
*Section {{isdaprov|10}} of the {{isdama}} relating to {{isdaprov|Multibranch Parties}}
*Section {{isdaprov|10}} of the {{isdama}} relating to {{isdaprov|Multibranch Parties}}
{{ref}}
{{ref}}
Retrieved from "https://jollycontrarian.com/index.php?title=Special:MobileDiff/38823"

Navigation menu