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LPL » Topics » Article 8. Management and Organization

This excerpt taken from the LPL 20-F filed Apr 11, 2005.

Article 8. Management and Organization

 

Subject to the approval of the Shareholders or Board of Directors where required by this Agreement, the Articles of Incorporation or applicable law, the overall management and control of the day-to-day business and affairs of the JVC in the ordinary course of the JVC’s business shall be vested in the Representative Director of the JVC, who shall have the sole right and authority to make decisions and take actions on behalf of the JVC in the ordinary course of the JVC’s day-to-day business and for proper JVC purposes, and in each case only as long as (i) such decisions made and actions taken are within the scope and limits of the JVC’s business scope and the then current business plan, and (ii) the Representative Director of the JVC acts in good faith and in a manner he/she reasonably believes to be in or not opposed to the best interests of the JVC.

 

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