Voluntary Withdrawal of a Manager Clause Samples
The Voluntary Withdrawal of a Manager clause defines the process by which a manager can choose to resign or leave their position within a company or organization. Typically, this clause outlines the required notice period, any formal steps the manager must take to communicate their intent to withdraw, and the handling of their responsibilities or interests upon departure. Its core function is to provide a clear and orderly procedure for managerial exits, minimizing disruption and ensuring all parties understand their rights and obligations during the transition.
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Voluntary Withdrawal of a Manager. A Manager of the Company may resign at any time by giving written Notice to all of the Members of the Company; however, this may require approval of a lender if the loan was conditioned on the qualifications of said Manager. The resignation of a Manager shall take effect ninety (90) days after receipt of Notice thereof or at such other time as shall be specified in such Notice or otherwise agreed between the Manager and Members. The acceptance of such resignation shall not be necessary to make it effective.
Voluntary Withdrawal of a Manager. A Manager may Voluntarily Withdraw from the position of Manager upon thirty (30) days written notice to the Company. If a Manager Voluntarily Withdraws as a Manager and there are no other Managers of the Company, the Members owning a Majority of the Ordinary Units shall elect one or more new Managers.