Admitted Member definition

Admitted Member means a person who is or was at a relevant time an Admitted Member within the meaning of and pursuant to the Rules of the Society;
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Admitted Member means any Person who, after the initial Operating Agreement is signed, either acquires Shares directly from the Company and is admitted as a Member pursuant to and in accordance with the terms of this Operating Agreement or any Person who acquires Shares from a Member and is admitted as a Member pursuant to and in accordance with the terms of this Operating Agreement
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Admitted Member means any Person admitted as a Member accordance with Section 3.3.
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Examples of Admitted Member in a sentence

  • A Member who Transfers all or part of the Shares owned by the Member shall no longer have any rights regarding the Shares transferred (even if the transferee is not admitted as an Admitted Member) but shall continue to have all of the liabilities and obligations regarding the Shares even if the liabilities and obligations are assumed by the transferee.

  • The Company may issue additional Shares in the Company to an Admitted Member on the terms and conditions and for whatever consideration, if any, the Members may unanimously determine.

  • Notwithstanding the Transfer of part or all of the Shares owned by a Member, whether or not in compliance with the provisions of this article X, under no circumstances shall any transferee be admitted as an Admitted Member except in accordance with the terms of section 10.

  • The Person shall, before being admitted as an Admitted Member of the Company and as a condition to admission, execute any document or documents required by the Company, agree to be and become a Member of the Company, and agree to be bound by the terms of this Operating Agreement.

  • A Member shall cease to be a Member in the Company on the Transfer of all of the Shares owned by the Member whether or not the transferee is admitted as an Admitted Member.

  • The Members may by unanimous vote, pursuant to and in accordance with the terms of this Operating Agreement, admit as an Admitted Member any Person determined by the Members to satisfy the criteria established by the Members, in their sole and absolute discretion, for membership in the Company.

  • On a Permitted Trust Transfer and the execution by the trustee (or trustees) of a written agreement, in form and substance satisfactory to the Company, pursuant to which the trustee (or trustees) agree to be bound by the terms of this Operating Agreement, the trustee (or trustees) of any such trust shall automatically be admitted as an Admitted Member in accordance with the terms of section 10.4.

  • The Management Committee may, at its option, at the time a Newly Admitted Member is admitted, close the Company books as though the Company's tax year had ended or make pro rata allocations of loss, income and expense deductions to a Newly Admitted Member for that portion of the Company's tax year in which a Member was admitted in accordance with the provisions of Section 706(d) of the Code and the Treasury Regulations promulgated thereunder.

  • Any amount paid by an Admitted Member or a Subsequent Contribution Member to the Reserve shall be paid by the Company promptly after receipt to the previously admitted Members pro rata in accordance with their Percentage Interests determined prior to such Admitted Member’s admission as a Member or such Subsequent Contribution Member’s subsequent Capital Contribution, as applicable.

  • On a Permitted Trust Transfer and the execution by the trustee (or trustees) of a written agreement, in form and substance satisfactory to the Manager, pursuant to which the trustee (or trustees) agree to be bound by the terms of this Operating Agreement, the trustee (or trustees) of any such trust shall automatically be admitted as an Admitted Member in accordance with the terms of section 10.4.

Related to Admitted Member

  • Designated member means the spouse, child, grandchild, parent, brother, or sister of a deceased individual who owned an interest in a wholesaler, who is entitled to inherit the deceased individual's ownership interest in the wholesaler under the terms of the deceased individual's will, or who has otherwise been designated in writing by the deceased individual to succeed the deceased individual in the wholesaler's business, or is entitled to inherit such ownership interest under the laws of intestate succession of this state. With respect to an incapacitated individual owning an ownership interest in a wholesaler, the term means the person appointed by a court as the conservator of such individual's property. The term also includes the appointed and qualified personal representative and the testamentary trustee of a deceased individual owning an ownership interest in a wholesaler.

  • Enlisted member means a person in an enlisted grade.

  • Related member means a person that, with respect to the taxpayer during all or any portion of the taxable year, is either a related entity, a component member as defined in section 1563(b) of the Internal Revenue Code, or a person to or from whom there is attribution of stock ownership in accordance with section 1563(e) of the Internal Revenue Code except, for purposes of determining whether a person is a related member under this division, "twenty per cent" shall be substituted for "5 percent" wherever "5 percent" appears in section 1563(e) of the Internal Revenue Code.

  • Interested Member means a Member who is interested in a matter for any of the reasons set out in section 62 of the Act.

  • appointed member means a member referred to in section 5(1)(a) or (b);