A New Series Clause Samples
The "A New Series" clause establishes the conditions under which a new series of shares or securities may be created within a company. Typically, this clause outlines the process for authorizing and issuing a new class of shares, including any required approvals from existing shareholders or the board of directors. By clearly defining the steps and requirements for introducing a new series, the clause ensures transparency and prevents disputes over share structure changes, thereby protecting the interests of both the company and its stakeholders.
A New Series. In accordance with Section 25(a) of the LLC Agreement, the Sole Member hereby establishes and forms the New Series effective upon the filing of the Certificate of Registered Series of the New Series in accordance with Section 3 of the LLC Agreement and the execution of this Series Agreement. The New Series shall be a “Series” for purposes of the LLC Agreement, with terms as are set forth herein and in the LLC Agreement. For all purposes of the Act, this Series Agreement together with each other Series Agreement of another Series and the LLC Agreement constitute the “limited liability company agreement” of the Company within the meaning of the Act. This Series Agreement is incorporated by reference into the LLC Agreement. Except as expressly provided otherwise in the LLC Agreement, (i) this Series Agreement may have the effect of altering, supplementing or amending the LLC Agreement, and (ii) to the extent that any of the terms or provisions of this Series Agreement conflict with any of the terms or provisions of the LLC Agreement, the terms or provisions of this Series Agreement shall control with respect to the New Series.