Admission of Member. Persons may be admitted as Members as a result of the issuance of Units only with the consent of a Majority-In-Interest of the Members. Additionally, no Person shall be admitted as a Member of the Company after the date of formation of the Company as a result of a Transfer of Units, except in accordance with Sections 11.4 and 11.11.
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Samples: Operating Agreement (World Tree Usa, LLC), Operating Agreement (World Tree Usa, LLC)
Admission of Member. Persons may be admitted as Members as a result of the issuance of Units only with the consent of a Majority-In-Interest Majority Vote of the Members, provided, however, that a third party may become a Member through conversion rights granted to such third party by an instrument approved by the Management Board. AdditionallyExcept as specifically set forth herein, no Person shall be admitted as a Member of the Company after the date of formation of the Company as a result of a Transfer of Units, except in accordance with Sections 11.4 and 11.11Section 11.5.
Appears in 2 contracts
Samples: Operating Agreement (Franklin Covey Co), Operating Agreement (Franklin Covey Co)
Admission of Member. (a) Except as provided in paragraph (b) of this Section, Persons may be admitted as Members as a result of the issuance of Units only with the consent of a Majority-In-Interest of the MembersUnanimous Consent. Additionally, no Person shall be admitted as a Member of the Company after the date of formation of the Company as a result of a Transfer of Units, except in accordance with Sections 11.4 and 11.11Section 11.5.
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