Expulsion of a Member. Any member may be immediately expelled for cause upon a unanimous vote of the remaining members at a meeting called for that purpose. “For cause” as defined in this Article means an intentional breach of this Agreement, bad faith, or wanton or willful misconduct. In the event a member is expelled, the member will be deemed to have granted the remaining members an option to purchase the expelled member’s interest for the value determined in Article 8.2 of this Agreement, as of the date of expulsion. Notice of the expulsion will be given to the expelled member as provided in Article 11 of this Agreement. In the event the other members do not elect to acquire the expelled member’s interest, the expelled member will, as of the Expulsion date: (1) automatically cease to be a member (as that term is used in this Agreement and under the Act), and (2) have only the rights of an assignee in accordance with the Act.
Appears in 46 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
