Changes in Members Sample Clauses
The "Changes in Members" clause governs the process and conditions under which the membership of a party, such as shareholders, partners, or board members, may be altered during the term of an agreement. It typically outlines the procedures for adding or removing members, notification requirements, and any necessary approvals or restrictions on such changes. For example, it may require that all existing members consent before a new member is admitted or that departing members provide advance notice. This clause ensures stability and transparency in the composition of the group, preventing unexpected changes that could affect the rights, obligations, or dynamics among the parties involved.
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Changes in Members. If a Member that is not a natural person is merged into another entity, dissolved or terminated, the Member’s successors shall be Members, except that, in the event there are one or more other Members immediately prior to the merger, dissolution or termination, as the case may be, the successors shall be Assignees.
Changes in Members. 8.1 Involuntary Transfer of Interests: Dissolution, Withdrawal, or Bankruptcy of Member
Changes in Members. Members may be removed and replaced at the discretion of the CEO of the Party that appointed them by notice in writing to the CEO of the other Party.
Changes in Members. Death, Dissolution, Retirement or Bankruptcy of Member . As contemplated in the Articles, the death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member, or the occurrence of any other event which terminates the continued membership of a Member in the Company (a "Dissolution Event"), shall dissolve the Company unless the remaining Member(s) unanimously consent to the continuation of the business of the Company ("Unanimous Consent"). If the Member whose actions or conduct result in the Dissolution Event ("Former Member") or such Former Member's trustee(s), personal representative(s) or heir(s), rightfully demands the return of its contributions to capital by a written notice to the remaining Member(s) pursuant to the Act or this Agreement, the Company (if the remaining Member(s) unanimously consent in writing) or remaining Member(s), to avoid dissolution of Company, shall purchase the Former Member's Interest as provided in subsections 6.1.2 and 6.1.3, and shall give the Unanimous Consent within 60 days of the occurrence of the Dissolution Event. Upon the occurrence of the Dissolution Event, and the Unanimous Consent, the remaining Member(s) shall have an option to purchase such Former Member's Interest. Within thirty (30) days of the Unanimous Consent, the remaining Member(s) shall notify the Manager or other Members in writing of their desires to purchase a portion of the Former Member's Interest. The failure of any Member to submit a notice within the applicable period shall constitute an election on the part of the remaining Member not to purchase any of the Former Member's Interest. Each remaining Member shall be entitled to purchase a portion of the Former Member's Interest based on the remaining Member's Pro Rata Part on the date of the Unanimous Consent or the date of receipt of the rightful demand for the return of its Interest by the Former Member or such Former Member's trustee(s) or heir(s). In the event any remaining Member elects to purchase none or less than all of such remaining Member's Pro Rata Part of the Former Member's Interest then the Company may at its election purchase such portion of the Former Member's Interest. In the event the Company elects not to purchase the Former Member's Interest, the unpurchased portion may be purchased by those remaining Members that elected to purchase more than their Pro Rata Part. If the remaining Members fail to purchase the entire interest of the Former Member, the same shall p...
Changes in Members