Common use of Incapacity of a Member Clause in Contracts

Incapacity of a Member. If a Member dies, such Member's executor, administrator, or trustee, or, if such Member is adjudicated incompetent, such Member's committee, guardian or conservator, or, if such Member becomes bankrupt, the trustee or receiver of such Member's estate, shall have all the rights of a Member for the purpose of settling or managing the estate of such Member, and such power as the Incapacitated Member possessed to assign all or any part of the Incapacitated Member's Units and to join with such assignee in satisfying conditions precedent to such assignee's becoming a Substituted Member. The Incapacity or death of a Member shall not dissolve the Fund.

Incapacity of a Member. If a Member other than a Director dies, such Member's executor, administrator, or trustee, or, if such Member is adjudicated incompetent, such Member's committee, guardian or conservator, or, if such Member becomes bankrupt, the trustee or receiver of such Member's estate, shall have all the rights of a an Member for the purpose of settling or managing the estate of such Member, and such power as the Incapacitated Member possessed to assign all or any part of the Incapacitated Member's Units and to join with such assignee in satisfying conditions precedent to such assignee's becoming a Substituted Member. The Incapacity or death of a Member shall not dissolve the Fund.

Incapacity of a Member. If a Member other than a Director dies, such Member's executor, administrator, or trustee, or, if such Member is adjudicated incompetent, such Member's committee, guardian or conservator, or, if such Member becomes bankrupt, the trustee or receiver of such Member's estate, shall have all the rights of a an Member for the purpose of settling or managing the estate of such Member, and such power as the Incapacitated Member possessed to assign all or any part of the Incapacitated Member's Units and to join with such assignee in satisfying conditions precedent to such assignee's becoming a Substituted Member. The Incapacity or death of a an Member shall not dissolve the Fund.