Common use of ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS Clause in Contracts

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.

Appears in 2 contracts

Sources: Operating Agreement, Operating Agreement (Broadvision Inc)