Withdrawal by a Member definition

Withdrawal by a Member. A member has no power to withdraw from the company, except as otherwise provided below: A. Voluntary Withdrawal: Any member may withdraw all of the value of his or her account in the company and the company shall continue. The member withdrawing the value of his or her capital account shall give notice of such intention, in writing, to the Recording Member. Written notice shall be deemed to be received as of the first meeting of the company at which it is presented. If written notice is received between meetings, it will be treated as received at the first of the following meeting. A simple majority of members attending the meeting, at which it is presented, will make the decision as to how a withdrawing member will be paid. Emailed notification of withdrawal may be received and accepted by any officer and presented at the appropriate meeting as outlined above. A formal, written request must be presented to any officer prior to the withdrawal payout. The company shall pay the member who is withdrawing the value of his or her capital account in the company in accordance with the terms of item 27, Books of Account. Payment to the withdrawing member will be made no later than 90 days after receipt of the notice of withdrawal. Payout is based on the value of his or her percent of portfolio (inclusive of cash and investments and less any costs of liquidation and penalties) at the first meeting following the meeting at which the notice is received. B. Extraordinary Contributions: Members may make capital contributions in an amount equal to the withdrawal value to buy additional units of capital value. Agreement for such contributions must occur with the majority of the membership in attendance and also comply with item #7 of this agreement. Members wishing to acquire such units must present the funds to the Financial Member no later than the 2nd meeting date after the notice was received.
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Examples of Withdrawal by a Member in a sentence

  • Withdrawal by a Member shall become effective on the date specified in its notification but in no event less than three months after the date on which the notification has been received by the Secretary-General.

  • Any attempted or threatened Withdrawal by a Member without the required consent provided above shall be null and void.

  • Withdrawal by a Member shall not affect any outstanding PACE loans within such Member’s jurisdiction or the Member’s obligations, if any, with respect to the certification, collection and remittance of special charges in accordance with the PACE Program, nor shall withdrawal entitle any former Member to impose a tax, fee or charge prohibited to the remaining Members under Section 17.

  • No Member shall have the right or power to voluntarily withdraw from the Company and any attempted Voluntary Withdrawal by a Member shall be null and void.

  • Withdrawal by a Member shall not affect any outstanding PACE loans within such Member’s jurisdiction or the Member’s obligations, if any, with respect to the certification, col- lection and remittance of special charges in accordance with the PACE Program, nor shall with- drawal entitle any former Member to impose a tax, fee or charge prohibited to the remaining Members under Section 17.

  • Withdrawal by a Member SAI shall become effective on the date specified in its notification unless otherwise it is not specified, such withdrawal shall become effective not less than three months after the date on which the notification has been received by the Head of Secretariat.

  • Withdrawal by a Member shall not affect any outstanding PACE loans within such Member's jurisdiction or the Member's obligations, if any, with respect to the certification, collection and remittance of special charges in accordance with the PACE Program, nor shall withdrawal entitle any former Member to impose a tax, fee or charge prohibited to the remaining Members under Section 17.

  • Withdrawal by a Member from the Southwest Michigan Consortium shall in no way serve to void or lessen any legal or financial obligation incurred by that Member of the Consortium while it was a Member.

  • Withdrawal by a Member under this Section 12.1 shall only be allowed once during any 12-month period.

  • Withdrawal by a Member shall constitute a breach of this Agreement.

Related to Withdrawal by a Member

  • of a Member means the salary corresponding in any given year to a full-time appointment at the member's rank and step, as set out for that year in Schedule A.

  • Withdrawal Event means the earliest to occur of any event which causes a Partner to cease to be a Partner, and to become a Former Partner, as set forth in Section 1.29.

  • Withdrawal Notice shall have the meaning given in Section 2.1.6.

  • Event of withdrawal of a general partner means an event that causes a person to cease to be a general partner as provided in section 402.

  • No-Firm Transmission Withdrawal Rights means the rights to schedule energy withdrawals from a specified point on the Transmission System. Non-Firm Transmission Withdrawal Rights may be awarded only to a Merchant D.C. Transmission Facility that connects the Transmission System to another control area. Withdrawals scheduled using Non-Firm Transmission Withdrawal Rights have rights similar to those under Non-Firm Point-to-Point Transmission Service.