Successor Managing Member. If a Managing Member ceases to act as Managing Member, a successor Managing Member shall be selected by the plurality vote of the holders of Voting Shares. The successor Managing Member shall become a Managing Member upon his written acceptance of the appointment and written agreement to be bound as a Managing Member under the terms of this Agreement. In the event a successor Managing Member is designated and accepts the designation, the successor Managing Member shall assume all the duties and obligations of the predecessor Managing Member set forth in this Agreement.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Interactive Brokers Group, Inc.), Limited Liability Company Agreement (IBG Holdings LLC), Limited Liability Company Agreement (Interactive Brokers Group, Inc.)
Successor Managing Member. If a the Managing Member ceases to act as Managing Member, a the successor Managing Member shall be selected by the plurality majority vote of the holders of Voting SharesMembers. The successor Managing Member shall become a Managing Member upon his its written acceptance of the appointment and written agreement to be bound as a Managing Member under the terms of this Agreement. In the event a successor Managing Member is designated and accepts the designation, the successor Managing Member shall assume all the duties and obligations of the predecessor Managing Member set forth in this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Interactive Brokers Group, Inc.), Operating Agreement (Interactive Brokers Group, Inc.)
