Common use of Dissenting Members Clause in Contracts

Dissenting Members. If members holding a majority of the shares other than those of the initiating member elect to purchase the initiating member’s shares, any member who did not consent to the election may give notice of dissent to the remaining other members. If a notice of dissent is given within 15 days after an election is made to purchase the initiating member’s shares, the dissenting member’s shares must be purchased by the other members. The purchase will be made at the same price and on the same terms as the purchase of the initiating member’s shares and will be closed at the same time as that purchase.