Common use of Membership Classes Clause in Contracts

Membership Classes. Subject to the articles, there shall be seven (7) classes of members in the Corporation, namely: Industrial Founder Members, Industrial Members, Ivado Lab Member, Founding University Members, Other University Members, Research Institution Members and Other Enabler Members. The members of the Corporation shall be those persons interested in furthering the purposes of the Corporation and who meet the conditions for membership as hereinafter set forth as may from time to time be admitted into membership in the Corporation by resolution of the board of directors. Members of the Corporation may also be admitted in such other manner as may be approved from time to time by the board of directors. The following conditions and rights of membership shall apply :

Membership Classes. ‌ Subject to the articles, there shall be seven (7) classes of members in the Corporation, namely: Industrial Founder Members, Industrial Members, Ivado Lab Member, Founding University Members, Other University Members, Research Institution Members and Other Enabler Members. The members of the Corporation shall be those persons interested in furthering the purposes of the Corporation and who meet the conditions for membership as hereinafter set forth as may from time to time be admitted into membership in the Corporation by resolution of the board of directors. Members of the Corporation may also be admitted in such other manner as may be approved from time to time by the board of directors. The following conditions and rights of membership shall apply :