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In other countries, a vote for a buyer of significant assets is the norm and is legally required.
But the Tesla deal shows the importance of having all buyers of significant assets hold a vote.
It outlined some of the situations in which the mayor could get involved in Bloomberg L.P.: the sale of all or part of the firm; the sale or purchase of significant assets; major financial commitments like loans; and major changes in employee compensation policy or structure.
Under the proposed law, the sale of "significant" assets in bankruptcy related to a maritime incident could take place only with the approval of at least half of those holding claims for economic loss, or a determination by a judge that the company would still be able to pay claims.
These assertions support the argument that in the absence of significant assets and other risk mitigation mechanisms, the poor lack the capacity to withstand the consequences of many shocks (Cohen et al. 2005).
Capital-intensive projects, such as construction and the purchase of significant assets entails high transaction costs for materials as well as staff and can distract from wider development concerns.
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The miner also said it would expand the scope of assets it would offload to "significant assets not previously highlighted for sale".
Alltel has said its bid is contingent upon CenturyTel's not disposing of any significant assets, including its wireless operations.
Mr. Hands said in a release that his early focus would be to "maximize the value of the significant assets in EMI's publishing business and to realize the digital opportunity in recorded music".
To help finance the purchase, Stanchart is unloading the last of its significant assets in the developed world: Chartered Trust, a British consumer finance unit that Lloyds TSB will buy for about $900 million.
That would include capital gains tax, paid on the sale of any significant assets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com