Also known as: § 7 · Sec. 7 · NLRA §7
Written by attorneys · grounded in primary & secondary sources — see below
4 senses
A statutory mechanism permitting designation of property as the individual property of one spouse. Designation occurs through a decree, marital property agreement, written consent, or reclassification under related provisions.
A statutory mechanism permitting designation of property as the individual property of one spouse. Designation occurs through a decree, marital property agreement, written consent, or reclassification under related provisions.
Select any source to read its text and confirm it supports the definition.
A rule requiring a corporation to hold an annual meeting of shareholders at a time fixed in the bylaws for the election of directors unless directors are elected by written consent instead.
Select any source to read its text and confirm it supports the definition.
A rule allowing perfection of a security interest in specified collateral by obtaining and retaining control of the collateral under designated sections.
Select any source to read its text and confirm it supports the definition.
A prohibition on any acquisition of stock or assets where the effect may be substantially to lessen competition or to tend to create a monopoly in any line of commerce.
Select any source to read its text and confirm it supports the definition.
A rule requiring a corporation to hold an annual meeting of shareholders at a time fixed in the bylaws for the election of directors unless directors are elected by written consent instead.
A rule allowing perfection of a security interest in specified collateral by obtaining and retaining control of the collateral under designated sections.
A prohibition on any acquisition of stock or assets where the effect may be substantially to lessen competition or to tend to create a monopoly in any line of commerce.
Each sense below has its own examples, sources, and questions.
Sean Steele inherited a parcel of land before marriage. After marriage he and his spouse execute a written marital property agreement that reclassifies the parcel under the governing statute. The land is thereafter treated as Sean's individual property for all purposes under the act.
Section 7(b) permits reclassification of property as individual property of a spouse by decree, marital property agreement, or written consent. This designation removes the property from the marital estate for purposes of the act.
Supporting sources
Synergy Systems' bylaws fix the annual shareholders meeting for the second Tuesday in April. The board fails to call a meeting on that date. Directors are not elected by written consent, so the corporation must still convene the meeting to elect directors as required.
Sterling Dynamics' board determines that the annual shareholders meeting will be held solely by remote communication. The meeting proceeds under the statute's authorization for remote participation without physical assembly.
Directors must still be elected, either at a later meeting or by written consent under the permitted exception.
Supporting sources
Summit Bank obtains a security interest in Sterling Manufacturing's deposit account. The bank obtains control of the account under the required section and thereby perfects its security interest in the deposit account.
Sydney Santos grants a security interest in electronic money to a lender. The lender obtains control and perfects the interest. When the lender later relinquishes control, the security interest ceases to be perfected by control.
A security interest in controllable accounts, deposit accounts, electronic documents, and similar collateral is perfected when the secured party obtains control under the listed sections and remains perfected only while control is retained.
Supporting sources
Brown Shoe acquires Kinney and the combined firm would control a significant share of retail shoe outlets in multiple cities. The government sues, alleging the acquisition may substantially lessen competition in the relevant markets.
Section 7 prohibits acquisitions where the effect may be substantially to lessen competition or tend to create a monopoly. Courts examine the merger's actual and likely effects on competition in a properly defined market rather than applying fixed numerical thresholds.
Supporting sources
…of § 7, commercial banking is a line of commerce; the appellees do not contest this ruling. II. THE APPLICABILITY OF SECTION 7 OF THE CLAYTON ACT TO BANK MERGERS. A. The Original Section and the 1950 Amendment. By its terms, the present § 7 reaches acquisitions of corporate stock or share capital by any…