New Members. No person may be admitted as a member of the Company without the approval of the Member.
New Members. The Company may issue additional Interests and thereby admit a new Member or Members, as the case may be, to the Company, only if such new Member (i) has delivered to the Company its Capital Contribution, (ii) has agreed in writing to be bound by the terms of this Agreement by becoming a party hereto, and (iii) has delivered such additional documentation as the Company shall reasonably require to so admit such new Member to the Company. Without the prior written consent of each then-current Member, a new Member may not be admitted to the Company if the Company would, or may, have in the aggregate more than one hundred (100) members. For purposes of determining the number of members under this Section 5.7, a Person (the “Beneficial Owner”) indirectly owning an interest in the Company through a partnership, grantor trust or S corporation (as such terms are used in the Code) (the “Flow-Through Entity”) shall be considered a member, but only if (i) substantially all of the value of the Beneficial Owner’s interest in the Flow-Through Entity is attributable to the Flow-Through Entity’s interest (direct or indirect) in the Company and (ii) in the sole discretion of the Managers, a principal purpose of the use of the Flow-Through Entity is to permit the Company to satisfy the 100-member limitation.
New Members. Subject to the condition that each new Member shall execute an appropriate counterpart to this Agreement pursuant to which it agrees to be bound by the terms and provisions hereof, the Managing Member may admit one or more new Members on the first day of each calendar quarter or at such other times as the Managing Member may determine in its sole discretion. Admission of a new Member shall not be a cause for dissolution or termination of the Company.
New Members. New Members may be admitted to the Company on such terms as may be agreed to by all existing Members, and in connection with any such admission, the Schedule A shall be amended to reflect the name, address and capital contribution (if any) of the additional Member and any changes in Membership Percentage of the Members in connection with the admission of the additional Member.
New Members. 7 The owner of a permit that is eligible under the criteria set forth in Section 1.01 and 1.02 hereto, 8 but that is not enrolled as a Member (and/or whose permit is not so enrolled) may apply to the 9 Board (as hereinafter defined) for membership in the Sector. Such application shall be made in 10 writing and shall include evidence of eligibility. The Board shall, in its reasonable discretion, 11 determine whether the applicant shall be admitted as a Member of the Sector and/or its permit 12 included as a Permit. Notwithstanding the foregoing, no such admission shall be effective until 13 such new Member has agreed in writing to be bound by, and to cause its Permit and/or 14 Participating Vessel to comply with, the terms of this Agreement, and until the provisions of this 15 Agreement shall have been amended or modified to reflect such additional Member, Permit 16 and/or Participating Vessel. This provision should be considered exclusive to the administration 17 of the Sector and would therefore not be subject to NMFS enforcement.