ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS Sample Clauses

The "Admission of Additional Members and Substitute Members" clause defines the process and requirements for bringing new members into an organization or replacing existing members with substitutes. Typically, this clause outlines the conditions under which new individuals or entities can be admitted, such as requiring approval from existing members or compliance with certain qualifications. For example, it may specify that a majority vote is needed to admit a new member, or that a departing member's interest can only be transferred to a substitute with the consent of the group. The core function of this clause is to maintain control over membership changes, ensuring that all parties agree to new participants and that the organization’s structure and interests are protected.
ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Any Person acceptable to the Board may, subject to the terms and conditions of this Operating Agreement (including Sections 6.4 and 12.2), become an Additional Member of the Company by the purchase of new Shares for such consideration as the Board shall determine in accordance with the terms of this Operating Agreement. The Board may, without the consent of any Member, issue additional Shares out of the authorized Shares.
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ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Subject to the terms of this Operating Agreement, any Person acceptable to the Board of Directors may become an Additional Member of the Company by the purchase of new Units for such consideration as the Board of Directors shall determine in accordance with the terms of this Operating
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ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. (a) From the date of the formation of the Company, any Person acceptable to the Board of Directors may, subject to the terms and conditions of this Operating Agreement and with the approval of a Supermajority of the Directors, become an Additional Member of the Company by the purchase of new Units for such consideration as a Supermajority of the Directors shall determine in accordance with the terms of this Operating Agreement. Except as set forth in this Section 13.1(a), the Company shall not admit or agree to admit any Additional Member in connection with the issuance of any additional Units or other equity interests in the Company, including without limitation, any options or warrants. (b) Prior to recognizing any assignment of a Member's Interest that has been transferred in accordance with this Operating Agreement, the Board of Directors will require the transferring Member to execute and acknowledge a written instrument of assignment in form and substance satisfactory to the Board of Directors, and will require the assignee to execute an agreement to be bound by all of the terms and provisions of this Operating Agreement. The [*] Confidential Treatment Requested.
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Related to ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS

  • Admission of Additional Members One or more additional members of the Company may be admitted to the Company with the written consent of the Member.

  • Additional Members One or more additional members may be admitted to the Company with the consent of the Member. Prior to the admission of any such additional members to the Company, the Member shall amend this Agreement to make such changes as the Member shall determine to reflect the fact that the Company shall have such additional members. Each additional member shall execute and deliver a supplement or counterpart to this Agreement, as necessary.

  • Admission of Substitute Members If any Member Transfers such Member’s Interest to a transferee in accordance with Sections 6.01 or 6.02, then such transferee shall only be entitled to be admitted into the Company as a substitute Member if (i) the books and records of the Company are amended to reflect such admission; (ii) the Management Committee approves the admission of such transferee (but only in the event of a transfer in accordance with Section 6.01) and approves the form and content of the instrument of transfer; (iii) the transferor and transferee named therein execute and acknowledge such other instruments as the Management Committee may deem reasonably necessary to effectuate such admission; (iv) the transferee in writing accepts and adopts all of the terms and conditions of this Agreement, as the same may have been amended; and (v) the transferor pays, as the Management Committee may reasonably determine, all reasonable expenses incurred in connection with such admission, including, without limitation, legal fees and costs. In the event of a Transfer in part of a Member’s Interest under Section 6.02 and the admission of the transferee into the Company as a member, such transferee member shall be required to act together as one Person with the Person(s) holding the remainder of the entire Interest as of the date of this Agreement from whence such transferee member’s interest originally derived. To the fullest extent permitted by law, any transferee of an Interest who does not become a substituted Member shall have no right to require any information or account of the Company’s transactions, to inspect the Company books, or to vote on any of the matters as to which a Member would be entitled to vote under this Agreement. Any such transferee shall only be entitled to share, as an assignee, in such Net Profits and Net Losses, to receive such distributions, and to receive such allocations of income, gain, loss, deduction or credit or similar items to which the transferor was entitled, to the extent assigned. A Member that Transfers its Interest shall not cease to be a member of the Company until the admission of the transferee as a substituted member of the Company and, except as provided in the preceding sentence, shall continue to be entitled to exercise, and shall continue to be subject to, all of the rights, duties and obligations of such Member under this Agreement.

  • Substitute Members No Member shall have the right to substitute a transferee of all or any part of such Member’s Units in its place, except as provided in this Article 11. Any such transferee of Unit(s) (whether pursuant to a voluntary or involuntary Transfer) shall be admitted to the Company as a Substitute Member only (i) with the consent of the Manager granted at its sole discretion, (ii) by satisfying the requirements of this Article 11, and (iii) upon the receipt of all necessary consents of governmental and regulatory authorities. Persons who become Substitute Members pursuant to Article 11.5 need not comply with clause (i) of the preceding sentence. Each transferee of all or part of a Member's Membership Units, as a condition to its admission as a Substitute Member, shall execute and acknowledge such instruments, in form and substance satisfactory to the Manager, as the Manager reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such person to be bound by all the terms and provisions of this Agreement with respect to the Membership Units acquired. All reasonable expenses, including attorneys’ fees, incurred by the Company in this connection shall be borne by such person.

  • Admission of Additional Partners After the Private Placement of the Units of Limited Partnership Interest has been terminated by the General Partner, no additional General Partner will be admitted to the Partnership except as described in Paragraph 17(c). The General Partner may take such actions as may be necessary or appropriate at any time to offer new Units or partial Units of Limited Partnership Interest and to admit new or substituted Limited Partners to the Partnership. All subscribers who have been accepted by the General Partner shall be deemed admitted as Limited Partners at the time they are reflected as such in the books and records of the Partnership.