Requirements of Membership Clause Samples

Requirements of Membership. To become a member of the credit union you (as a person or an organization) must be in our field of membership (as described in our bylaws/charter) and open and maintain at least one share or savings account with the minimum required membership share/savings amount (as described in the bylaws). If you are an owner, partner, principal, shareholder, or member of an organization, that organization may also join as a member of the credit union and have its own accounts if it is principally comprised of people who are eligible for membership at the credit union. Before opening the account, we may require any signer to provide proper evidence that the organization is lawfully formed (e.g., by production of articles of incorporation, partnership agreement, business license, etc.), and to establish both his or her authority to act as a signer for the organization (e.g., notarized board resolution, partnership letter, etc.) and his or her identity as a signer of the organization.
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Requirements of Membership. To become a member of our Credit Union you must be in our field of membership as described in our Bylaws or Charter and open and maintain at least one share ac- count with the minimum required membership share amount, as described in the Bylaws (or otherwise required).
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Requirements of Membership. To become a member of our Credit Union, you (as a person or business) must be in our field of membership as described in our Bylaws or Charter and open and maintain at least one share or savings account with the minimum required membership share or savings amount, as described in the Bylaws. If you are an owner, partner, principal, shareholder, or member of a business or organ- ization, that business may join as a member of the Credit Union and have its own accounts if it is principally comprised of people who are eligible for membership with us. Before opening the ac- count, we may require any authorized Person to provide proof that the business is lawfully formed (e.g., by production of Articles of Incorporation, Operating or Partnership Agreement, business license, etc.), and to establish both his or her authority to act as an authorized person for the account or service for the business (e.g., notarized board resolution, partnership letter, etc.) and his or her identity as an authorized person.
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Requirements of Membership. To become a member of our Credit Union, you (as a person or business or organiza- tion) must be in our field of membership as described in our Bylaws or Charter and open and maintain at least one share or savings account with the minimum required membership share or savings amount, as described in the Bylaws (or otherwise re- quired). If you are an owner, partner, principal, shareholder, or member of a business or organization, that business or organization may join as a member of the Credit Union and have its own accounts if it is principally comprised of people who are eligible for membership with us. Before opening the account, we may require any authorized per- son to provide proof that 1) the business or organization is lawfully formed (e.g., by production of Articles of Incorporation, Operating or Partnership Agreement, registration with the Secretary of State, business license, tax returns and client references from the last three years, etc.), 2) the business or organization wants to join the Credit Union, open accounts and initiate services, and 3) to establish both his or her authority to act as an authorized person for the account or service for the business or organization (e.g., notarized board resolution, partnership letter, business license and driver’s li- cense, etc.) and his or her identity as an authorized person.
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Requirements of Membership. You have the right, authority, and capacity to enter into this agreement on your own behalf and on behalf on any entity for whom you are acting and to abide by all of the terms and conditions contained herein, and that if any aspect of your participation in Datenna violates provisions of local law to which you are subject, you will cease using Datenna and close your account.
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Requirements of Membership. Annual fee of $150.00
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Related to Requirements of Membership

  • Membership Requirements 5. Exclusions from the Bargaining Unit

  • Transfers of Membership Interests 8.1. A Member may withdraw from the Company at any time by giving Notice of withdrawal to the Manager at least 180 calendar days before the effective date of withdrawal. Withdrawal will not release a Member from any obligations and liabilities under this Agreement accrued or incurred before the effective date of withdrawal. A withdrawing Member will divest the Member’s entire Membership Interest before the effective date of withdrawal in accordance with and subject to the provisions of this Article VIII. 8.2. Except as expressly provided in this Agreement, a Member will not Transfer any part of the Member’s Membership Interest in the Company, whether now owned or later acquired, unless: (a) the other Members unanimously approve the transferee’s admission to the Company as a Member on that Transfer; and (b) the Membership Interest to be Transferred, when added to the total of all other Membership Interests Transferred in the preceding 12 months, will not cause the termination of the Company under the Code. No Member may Encumber or permit or suffer any Encumbrance of all or any part of the Member’s Membership Interest in the Company unless the Encumbrance has been approved in writing by the Manager. Approval may be granted or withheld in the Manager’s sole discretion. Any Transfer or Encumbrance of a Membership Interest without that approval will be void. Notwithstanding any other provision of this Agreement to the contrary, a Member who is a natural person may Transfer all or any portion of his or her Membership Interest to any revocable trust created for the benefit of the Member, or any combination between or among the Member, the Member’s spouse, and the Member’s issue, provided that the Member retains a beneficial interest in the trust and all of the Voting Interest included in the Membership Interest. A Transfer of a Member’s beneficial interest in the trust, or failure to retain the Voting Interest, will be deemed a Transfer of a Membership Interest. 8.3. If a Member wishes to Transfer any or all of the Member’s Membership Interest in the Company under a Bona Fide Offer (as defined below), the Member will give Notice to the Manager at least 30 days in advance of the proposed sale or Transfer, indicating the terms of the Bona Fide Offer and the identity of the offeror. The Company and the other Members will have the option to purchase the Membership Interest proposed to be transferred at the price and on the terms provided in this Agreement. If the price for the Membership Interest is other than cash, the fair value in dollars of the price will be as established in good faith by the Company. For purposes of this Agreement, “Bona Fide Offer” means an offer in writing setting forth all relevant terms and conditions of purchase from an offeror who is ready, willing, and able to consummate the purchase and who is not an Affiliate of the selling Member. For 30 days after the Notice is given, the Company will have the right to purchase the Membership Interest offered, on the terms stated in the Notice, for the lesser of: (a) the price stated in the Notice (or the price plus the dollar value of noncash consideration, as the case may be); and (b) the price determined under the appraisal procedures set forth in Section 8.8. If the Company does not exercise the right to purchase all of the Membership Interest, then, with respect to the portion of the Membership Interest that the Company does not elect to purchase, that right will be given to the other Members for an additional 30-day period, beginning on the day that the Company’s right to purchase expires. Each of the other Members will have the right to purchase, on the same terms, a part of the interest of the offering Member in the proportion that the Member’s Percentage Interest bears to the total Percentage Interests of all of the Members who choose to participate in the purchase; provided, however, that the Company and the participating Members may not, in the aggregate, purchase less than the entire interest to be sold by the offering Member. If the Company and the other Members do not exercise their rights to purchase all of the Membership Interest, the offering Member may, within 90 days from the date the Notice is given and on the terms and conditions stated in the Notice, sell or exchange that Membership Interest to the offeror named in the Notice. Unless the requirements of Section 8.2 are met, the offeror under this Section 8.3 will become an Assignee, and will be entitled to receive only the share of Profits or other compensation and the return of Capital Contribution to which the assigning Member would have been entitled.

  • Rights of Members Except as otherwise provided in this Agreement, each Member shall look solely to the Property of the Company for the return of its Capital Contribution and has no right or power to demand or receive Property other than cash from the Company. If the assets of the Company remaining after payment or discharge of the debts or liabilities of the Company are insufficient to return such Capital Contribution, the Members shall have no recourse against the Company or any other Member or the Manager.

  • Maintenance of Membership Any employee who is a member in good standing, or is reinstated as a member of the Union shall, as a condition of continued employment, maintain such membership in good standing throughout the term of this Agreement.

  • Powers of Members Pursuant to Section ▇▇-▇▇-▇▇▇ of the Act, the Members are authorized: (a) to make all decisions regarding the Company’s operations and legal affairs, including but not limited to: i. the sale, development, lease, or other disposition of the Company's assets; ii. the purchase or acquisition of other assets; iii. the management of all or any part of the Company's assets; iv. the borrowing of money and granting of security interests in the Company's assets; v. the pre-payment, refinancing, or extension of any loan affecting the Company's assets; vi. the compromise or release of any of the Company's claims or debts; and vii. the employment of persons, firms, or corporations for the operation and management of the Company's business; and (b) to execute and deliver: i. all contracts, conveyances, assignments, leases, sub-leases, franchise agreements, licensing agreements, management contracts, and maintenance contracts covering or affecting the Company's assets; ii. all checks, drafts, and other orders for the payment of the Company's funds; iii. all promissory notes, loans, security agreements and other similar documents; and iv. all other instruments of any kind relating to the Company's business and affairs.