CONTINUOUS-OPERATIONS CLAUSE

continuous-operations clause.Oil & gas. A provision in an oil-and-gas lease giving the lessee the right to continue any drilling well that was begun before the lease expired and to begin drilling more wells. See OPERATIONS CLAUSE . [Blacks Law 8th]

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CONTINUOUS-ADVERSE-USE PRINCIPLE

continuous-adverse-use principle.The rule that the uninterrupted use of land — along with the other elements of adverse possession — will result in a successful claim for adverse possession. — Also termed uninter-rupted-adverse-use principle. See ADVERSE POSSESSION. [Cases: Adverse Possession  44. C.J.S. Adverse Possession §§ 149–150, 332.] [Blacks Law 8th]

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CONTINUITY-OF-LIFE DOCTRINE

continuity-of-life doctrine.The principle that the withdrawal, incapacity, bankruptcy, or death of the owner of an entity (esp. a corporation) does not end the entity’s existence. — Also termed continuity of existence. [Cases: Corporations  36. C.J.S. Corporations § 52.] [Blacks Law 8th]

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CONTINUITY OF INTEREST

continuity of interest. 1. A doctrine covering acquisitive reorganizations whereby a target corporation’s share-holders must retain a share in the acquiring corporation to qualify the exchange as a tax-deferred transaction. 2. A judicial requirement for divisive reorganizations whereby a target corporation’s shareholders must retain an interest in both the distributing and the controlled corporations to…

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