TT$16 by a specified price as follows: â¢ If the average trading price of RBC common shares on the NYSE for the five consecutive trading days ending on the second trading day prior to the closing of the transaction is between US$48.98 and US$59.86, then the specified price for determining the exchange ratio will be that average RBC trading price.
The major differences between democracy and republic are provided in the points given below: 1  Democracy is defined as a political system which is made by/of/for the people. The republic is the representative democracy with the chief of the state known as president. In a democracy, the rule of majority people prevails whereas in the case of the republic the rule of law prevails.
Representative democracy. Representative democracy is a variety of democracy founded on the principle of elected officials representing a group of people, as opposed to direct democracy. All modern Western style democracies are various types of representative democracies, for example the United Kingdom is a constitutional monarchy and Poland is a parliamentary republic.