Common use of Membership Unit Certificates Clause in Contracts

Membership Unit Certificates. Every holder of Membership Units in the Company shall be entitled to have a certificate, signed by the chief executive officer, certifying the number of Membership Units owned by such Member in the Company. Certificates representing Membership Units of the Company shall be in such form as is approved by the chief executive officer and as otherwise provided by Corps.C. Sec.17000, et seq.. There shall be entered on the Membership Unit ledger of the Company at the time of issuance of each Membership Unit Certificate, the number of the certificate issued, the name and address of the person owing the Membership Units represented thereby, the number of such Membership Units, and the date of issuance thereof. Every certificate exchanged or returned to the Company shall be marked “Canceled” with the date of cancellation, and kept with the Company records.