Dissolution Etc of Members Sample Clauses

The "Dissolution, Etc. of Members" clause outlines the procedures and consequences when a member of an organization, partnership, or company ceases to be part of the entity, whether through resignation, expulsion, death, or other forms of dissolution. It typically details the steps to be taken upon a member's departure, such as the redistribution of assets, settlement of accounts, or transfer of interests. This clause ensures a clear and orderly process for handling changes in membership, thereby minimizing disputes and maintaining the stability of the organization.
Dissolution Etc of Members 
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Related to Dissolution Etc of Members

  • Dissolution, etc Wind up, liquidate or dissolve (voluntarily or involuntarily) or commence or suffer any proceedings seeking any such winding up, liquidation or dissolution, except in connection with a merger or consolidation permitted pursuant to Section 10.8.

  • Dissolution and Winding Up of the Company Dissolution. The Company will be dissolved on the happening of any of the following events: Sale, transfer, or other disposition of all or substantially all of the property of the Company; The agreement of all of the Members; By operation of law; or The death, incompetence, expulsion, or bankruptcy of a Member, or the occurrence of any event that terminates the continued membership of a Member in the Company, unless there are then remaining at least the minimum number of Members required by law and all of the remaining Members, within 120 days after the date of the event, elect to continue the business of the Company.

  • Dissolution and Winding Up The Company shall dissolve and its business and affairs shall be wound up pursuant to a written instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

  • Dissolution of the Partnership The General Partner may dissolve the Partnership prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Partners. Upon the dissolution of the Partnership, the Partners’ respective interests in the Partnership shall be valued and settled in accordance with the procedures set forth in Section 6.5.

  • Dissolution of Partnership 53 Section 15.2 Return of Capital Contribution upon Dissolution......