Restrictions on Transfer of Units Certain Transactions Clause Samples
This clause defines the limitations and conditions under which ownership units in an entity may be transferred or sold. It typically outlines who must approve a transfer, any required procedures (such as providing notice or offering units to existing members first), and may specify exceptions for certain types of transactions like transfers to family members or affiliates. The core function of this clause is to maintain control over the entity’s ownership structure, prevent unwanted third parties from acquiring interests, and ensure that all transfers are conducted in an orderly and predictable manner.
Restrictions on Transfer of Units Certain Transactions. 35 Section 10.01 Transfers by Members 35 Section 10.02 Permitted Transfers 36 Section 10.03 Restricted Units Legend 37 Section 10.04 Transfer 37 Section 10.05 Assignee’s Rights 37 Section 10.06 Assignor’s Rights and Obligations 38 Section 10.07 Overriding Provisions 38 Section 10.08 Spousal Consent 39 Section 10.09 Certain Transactions with respect to the Corporation 40 Article XI. REDEMPTION AND DIRECT EXCHANGE RIGHTS 42 Section 11.01 Redemption Right of a Member 42 Section 11.02 Election and Contribution of the Corporation 45 Section 11.03 Direct Exchange Right of the Corporation 45
Restrictions on Transfer of Units Certain Transactions