Transfer Without Notice. Notwithstanding Section 7.1 but subject to the Default Restriction in Article 7.1, a member may transfer his/her interest in the Company or any part of such interest to: (1) a revocable inter vivos trust naming the member as trustee for the benefit of the member, his or her spouse and/or descendants; or (2) an immediate family member, defined as a surviving spouse, child, grandchild, sister, brother and/or parent, by operation of law or by testamentary or other disposition upon such member’s death. Upon the death of a member whose interests have been transferred in such manner, the transferee will not become a member of the Company and will have only the rights of an assignee under the Act. The transferee will receive a buy-out in accordance with Article 8.2 of this Agreement. If such disposition is to other than an immediate family member or such trust, such disposition will be void and of no effect.
Appears in 33 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
