Liability of a Member Sample Clauses

The "Liability of a Member" clause defines the extent to which an individual member of an organization, such as a company or partnership, is personally responsible for the debts and obligations of that entity. Typically, this clause specifies whether a member's liability is limited to their investment or shareholding, or if they may be held personally liable beyond their contribution. For example, in a limited liability company, members are usually only liable up to the amount they have invested, protecting their personal assets from business creditors. The core function of this clause is to clearly delineate financial risk and protect members from unexpected personal liability, thereby encouraging investment and participation in the entity.
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Liability of a Member. (a) Neither a Member nor a Member’s shareholders, directors, officers, employees, constituent members, constituent partners, or Executive Committee representatives shall be liable to the Company or to the other Members for errors in judgment or for any acts or omissions that do not constitute fraud, gross negligence, criminal misconduct, willful and wanton misconduct, and/or breach of this Agreement. (b) The Managing Member may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through agents.
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Liability of a Member. The liability of each Member shall be limited as provided in the Delaware Act and as set forth in this Agreement. No Member shall be obligated to restore by way of Capital Contribution or otherwise any deficits in its Capital Account (if such deficits occur).
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Liability of a Member. 8.1 Limited Liability.
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Liability of a Member. The liability of a member shall be limited to the capital represented by the share or shares of which such member is the registered holder. The liability of a past member to the extent of shares as they existed at the time when he/she ceased to be a member, shall continue for a period of two years from the date of cessation. The estate of the deceased member shall remain liable to the extent of sums due to the Bank for a period of two years.
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Liability of a Member. The liability of each Member shall be limited to the fullest extent permitted by the Delaware Act and as set forth in this Agreement. No Member of a Series shall be obligated to restore by way of Capital Contribution with respect to such Series or otherwise any deficits in such Member’s account (if such deficits occur) with respect to such Series.
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Liability of a Member 
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Related to Liability of a Member

  • Liability of the Member All debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Member shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a member.

  • Liability of Adviser In the absence of (i) willful misfeasance, bad faith or gross negligence on the part of the Adviser in performance of its obligations and duties hereunder, (ii) reckless disregard by the Adviser of its obligations and duties hereunder, or (iii) a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the Investment Company Act of 1940, as amended ("1940 Act"), the Adviser shall not be subject to any liability whatsoever to the Fund, or to any shareholder of the Fund, for any error or judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitation, for any losses that may be sustained in connection with the purchase, holding, redemption or sale of any security on behalf of the Portfolio.

  • Liability of Manager The Manager will not be liable to you for any act or omission, except for obligations expressly assumed by the Manager in the applicable AAU.