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.
The King Washington Provision, also known as the King-Washington Clause, is a legal provision that deals with changes in share ownership of corporations and changes in share ownership of partnerships. This provision aims to ensure a smooth transition of ownership and protect the rights and interests of both the existing shareholders/partners and new owners. Under the King Washington Provision, various types may exist to address specific circumstances: 1. King Washington Provision for Changes in Share Ownership of Corporations: This type of provision outlines the rules and procedures regarding the transfer of shares in a corporation. It typically includes clauses related to the sale, transfer, or issuance of shares, as well as any restrictions or conditions applicable to such transactions. The provision may require approval from the board of directors or a majority of shareholders, ensuring the corporate governance structure remains intact. 2. King Washington Provision for Changes in Share Ownership of Partnership: In the context of a partnership, the King Washington Provision sets forth guidelines for changing ownership interests. This provision may include provisions related to the admission of new partners or the withdrawal of current partners. It helps maintain the stability of the partnership and preserves the rights and obligations of all involved parties. The King Washington Provision can cover important aspects such as the valuation of shares or partnership interests, methods for determining the purchase price, and any restrictions or limitations on the transferability of shares or partnership interests. It may also define procedures for resolving disputes among shareholders/partners or specify the consequences of non-compliance with the provision. Keywords: King Washington Provision, King-Washington Clause, changes in share ownership, corporations, partnership, legal provision, ownership transition, existing shareholders, new owners, transfer of shares, sale, transfer, issuance of shares, restrictions, conditions, board of directors, the majority of shareholders, corporate governance, ownership interests, admission of new partners, withdrawal of partners, stability, rights, obligations, valuation of shares, purchase price, transferability, disputes, non-compliance.
