Examples of Springing Member in a sentence
The Springing Member should be somebody you trust, where he received a BSEE and MBA in Finance.
No Springing Member may resign from the Company or transfer its rights as Springing Member unless a successor Springing Member has been admitted to the Company as Springing Member by executing a counterpart to this Agreement; provided, however, the Springing Member shall automatically cease to be a Member of the Company upon the admission to the Company of a substitute Member, appointed by the personal representative of the Person that had been the last remaining Member.
If you do not want to have a Springing Member, either personally or by mail, some changes could fall within the reporting requirements for an LLC.
Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and none of the Members, any Springing Member or any Independent Director shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Springing Member or Independent Director of the Company.