Loss of Rights. A Member shall cease to have the power to exercise any rights with respect to that portion of the assigning Member’s Membership Interest that is assigned to a Substituted Member. In the event that the Member has assigned all of the Member’s Membership Interest when the assignee becomes a Substituted Member, the assigning Member shall cease to be a Member and shall cease to have the power to exercise any rights of a Member.
Appears in 7 contracts
Samples: Limited Liability Company Agreement (Cottonwood Multifamily Opportunity Fund, Inc.), Limited Liability Company Agreement (Vivakor, Inc.), Limited Liability Company Agreement (Vivakor, Inc.)
Loss of Rights. A Member shall cease to have the power to exercise any rights with respect to that portion of the assigning Member’s 's Membership Interest that is assigned to a Substituted Member. In the event that the Member has assigned all of the Member’s 's Membership Interest when the assignee becomes a Substituted Member, the assigning Member member shall cease to be a Member and shall cease to have the power to exercise any rights of a Member.
Appears in 2 contracts
Samples: Operating Agreement (Ridgewood Properties Inc), Operating Agreement (Ridgewood Properties Inc)
Loss of Rights. A Member shall cease to have the power to exercise any rights with respect to that portion of the assigning Member’s Membership Interest that is assigned to a Substituted Member. In the event that the Member has assigned all of the Member’s Membership Interest when the assignee becomes a Substituted Member, the assigning Member shall cease to be a Member and shall cease to have the power to exercise any rights of a Member.. 9.5
Appears in 1 contract
Samples: Limited Liability Company Agreement (Cottonwood Multifamily Reit Ii, Inc.)
