Expulsion of a Member. (a) A Member in default of any of its obligations (i) to the Cooperative or (ii) under any bonds, loans or other financial instruments used to finance its Membership in the Cooperative shall be expelled as Member of the Cooperative, provided that liabilities under contracts in effect at the time of such termination shall not be affected except to the extent otherwise provided in such contracts.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Expulsion of a Member. (a) A Member in default of any of its obligations (i) to the Cooperative or (ii) under any bonds, loans or other financial instruments used to finance its Membership in the Cooperative Cooperative, shall be expelled as Member of the Cooperative, provided that liabilities under contracts in effect at the time of such termination shall not be affected except to the extent otherwise provided in such contracts.
Appears in 1 contract
Samples: Operating Agreement
Expulsion of a Member. (a) A Member in default of any of its obligations (i) to the Cooperative or (ii) under any bonds, loans or other financial instruments used to finance its Membership in the Cooperative shall be expelled as Member of the Cooperative, provided that liabilities under contracts in effect at the time of such termination shall not be affected except to the extent otherwise provided in such contracts.
Appears in 1 contract
Samples: Operating Agreement
