Ordinary Member definition
Examples of Ordinary Member in a sentence
During such period, the LLP may require the Ordinary Member: (a) to carry out different duties from their normal duties; and/or (b) to cease carrying out some or all of their duties and powers; and/or (c) not to have any business dealings with the LLP’s Members, Directors, employees, suppliers, clients and agents; and/or (d) not to attend any premises or offices of the LLP.
During such period of notice the Ordinary Member may not be engaged or employed by, take up any office or partnership in or otherwise be interested or concerned in any other company, firm, business or organisation without the prior written consent of the Board of Directors.
The Ordinary Member will continue to receive his Monthly Drawings (which shall exclude, for the avoidance of doubt, any amounts other than the Base Amount specified in that Member’s Offer Letter) and all benefits provided by the LLP, other than any drawings based on performance as specified in that Ordinary Members’ Offer Letter, which he will not be entitled to receive during such period of notice.
If any more favourable rates are agreed with another Founder or Ordinary Member during the Initial Support Period (other than where such more favourable rate is obtained by virtue of the operation of the Discount Schedule), then ARM shall refund, to ARM Partner, the difference between the Maintenance Fee or Development Fee, as appropriate, and the more favourable rate.
Admission of a person to be an Ordinary Member may be conditional upon such person contributing such amount of capital as the Board of Directors determines as being required for the purposes of the LLP.