Restrictions of Transfer. Except as otherwise provided in this Agreement, no Membership Interest may be sold, assigned, transferred, given, bequeathed, donated, mortgaged, pledged, attached, levied upon, seized by or for creditors, or otherwise encumbered or disposed of, whether by act of the Member or by operation of law, without the prior written consent of Members (other than the Member whose Membership Interest is involved). However, a Member shall be allowed to transfer its Membership Interest to a subsidiary or affiliate of which the Member owns a controlling equity interest of at least 51%.
Appears in 3 contracts
Sources: Limited Liability Company Operating Agreement (Commonwealth Telephone Enterprises Inc /New/), Limited Liability Company Operating Agreement (Commonwealth Telephone Enterprises Inc /New/), Operating Agreement (Commonwealth Telephone Enterprises Inc /New/)