Articles of Termination. (a) Within a reasonable time following the determination by the Member to terminate and following the completion of the liquidation of the Company, there shall be supplied to the Member a statement which shall set forth the assets and the liabilities of the Company as of the date of complete liquidation. Upon completion of the liquidation of the Company and the distribution of all the Company’s assets, the Company shall terminate, and the Member shall execute and record articles of termination of the Company as well as any and all other documents required to effectuate the dissolution and termination of the Company. (b) Upon the issuance of the filing of the articles of termination, the existence of the Company shall cease, except for the purpose of suits, other proceedings and appropriate action as provided in the Act.
Appears in 3 contracts
Sources: Operating Agreement, Operating Agreement, Operating Agreement