Expulsion of a Member. Any member may be immediately expelled for cause upon a unanimous vote of the remaining members at a meeting called for that purpose. “For cause” as defined in this Article means an intentional breach of this Agreement, bad faith, or wanton or willful misconduct. In the event a member is expelled, the member will be deemed to have granted the remaining members an option to purchase the expelled member’s interest for the value determined in Article 8.2 of this Agreement, as of the date of expulsion. Notice of the expulsion will be given to the expelled member as provided in Article 11 of this Agreement. In the event the other members do not elect to acquire the expelled member’s interest, the expelled member will, as of the Expulsion date: (1) automatically cease to be a member (as that term is used in this Agreement and under the Act), and (2) have only the rights of an assignee in accordance with the Act.
Expulsion of a Member. At any time there are more than two (2) Members, the Company may expel a Member for cause. Cause for expulsion exists if the Member has materially breached or is unable to perform the Member’s material obligations under this Agreement. A Member’s expulsion from the Company will be effective upon the Member’s receipt of written notice of the expulsion.
Expulsion of a Member. At any time there are more than Two (2) Members, the Company may expel a Member, but only for cause. Cause for expulsion exists if the Member has materially breached this Agreement, is unable to perform the Member's material obligations under this Agreement, or if the Manager suspects the Member has violated federal or state law, rules, and regulations or the Member is under investigation by the federal, state, and/or local authorities, subject to the sole and absolute discretion and notwithstanding any of the withdrawal restrictions described herein. If a Member is expelled, that Member forfeits any and all rights to any accrued distribution during the interim quarter whether or not the withdrawal is partial or total. A Member's expulsion from the Company will be effective upon the Member's receipt of written notice of the expulsion.
Expulsion of a Member. A Member may be expelled from the Company upon a Majority Vote of the Manager and the other Members for Cause.
Expulsion of a Member. The Members and the Company shall not have any power or authority to expel any Member for any reason, whether with or without cause.
Expulsion of a Member. A Member may be expelled from the Company by the Manager if that Member (a) has willfully violated any provision of this Agreement which breach is not cured within ten (10) days from notice by the Company or incapable of being cured; (b) committed fraud, theft, or gross negligence against the Company or one or more Members of the Company, or (c) engaged in wrongful conduct that adversely and materially affects the business or operation of the Company. Upon notice to the Member of the Manager’s election to expel the Member, such Member shall be expelled as a Member and deemed an Assignee pursuant to Article 11. For one hundred eighty (180) days following the notice to expel, the Company shall have the option, upon election of the Manager, to purchase the interests of the former Member at Fair Market Value, as determined by a qualified appraiser chosen by the Manager. The determination of Fair Market Value made by such appraiser shall be final, conclusive, and binding on the Company, all Members, and all Assignees of a Membership Interest. The fees and expenses of such appraiser shall be shared equally by the Company and expelled Member.
Expulsion of a Member. (a) A Member in default of any of its obligations (i) to the Cooperative or (ii) under any bonds, loans or other financial instruments used to finance its Membership in the Cooperative shall be expelled as Member of the Cooperative, provided that liabilities under contracts in effect at the time of such termination shall not be affected except to the extent otherwise provided in such contracts.
Expulsion of a Member. The Funder may expel a Member from the Scheme by so notifying the Member. The Funder may do so at its discretion, including but not limited to if:
Expulsion of a Member. A member of a Company may be expelled:
Expulsion of a Member. A Member may be expelled from the Company by the Manager if such Member has (a) willfully violated any provision of this Agreement; (b) committed fraud, theft, or gross negligence against the Company or one or more Members of the Company, or (c) engaged in wrongful conduct that adversely and materially affects the business or operation of the Company. Such Member shall immediately be expelled as a Member and deemed an Assignee pursuant to Article 11. For one hundred eighty (180) days following the expulsion, the Company shall have the option, in the sole discretion of the Manager, to purchase the interests of the former Member at Fair Market Value, subject to available cash. OPERATING AGREEMENT OF CARDONE EQUAL OPPORTUNITY FUND 2, LLC
