renunciation
/rɪˌnʌnsiˈeɪʃən/ noun [S or U]Definition
› the fact of saying that you no longer support or have a connection with someone or something, or that you do not want something : People who receive an inheritance have the right of renunciation of that inheritance, subject to certain conditions.
› STOCK MARKET in a rights issue (= an occasion when a company offers new shares to its existing shareholders), a situation in which someone with the right to new shares formally says that they do not want to accept them: An appropriate person will be authorised to execute a transfer, assignment or renunciation of the consideration shares on the accepting shareholder's behalf.
(Definition of renunciation noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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