The Relevance of Commercial Reality in Interpreting Charters and Bylaws

August 17, 2022

Publication| Corporate Transactions| Corporate Governance| Mergers & Acquisitions

Where a literal reading yields a result at odds with what the drafters would have reasonably intended (which itself derives from the commercial context evidenced in plain terms throughout the instrument), literal meaning gives way to a more nuanced “objective” meaning. This article explores the application of this key precept in the interpretation of charters and bylaws.

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