Admission of Member. Persons may be admitted as Members as a result of the issuance of Units only with a Majority Vote of the Members, provided, however, that a third party may become a Member through conversion rights granted to such third party by an instrument approved by the Management Board. Except as specifically set forth herein, no Person shall be admitted as a Member of the Company after the date of formation of the Company as a result of a Transfer of Units, except in accordance with Section 11.5.
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Samples: Operating Agreement (Franklin Covey Co), Operating Agreement (Franklin Covey Co)
Admission of Member. Persons may be admitted as Members as a result of the issuance of Units only with the consent of a Majority Vote Majority-In-Interest of the Members, provided, however, that a third party may become a Member through conversion rights granted to such third party by an instrument approved by the Management Board. Except as specifically set forth hereinAdditionally, no Person shall be admitted as a Member of the Company after the date of formation of the Company as a result of a Transfer of Units, except in accordance with Section 11.5Sections 11.4 and 11.11.
Appears in 2 contracts
Samples: Operating Agreement (World Tree Usa, LLC), Operating Agreement (World Tree Usa, LLC)
Admission of Member. (a) Except as provided in paragraph (b) of this Section, Persons may be admitted as Members as a result of the issuance of Units only with a Majority Vote of the Members, provided, however, that a third party may become a Member through conversion rights granted to such third party by an instrument approved by the Management BoardUnanimous Consent. Except as specifically set forth hereinAdditionally, no Person shall be admitted as a Member of the Company after the date of formation of the Company as a result of a Transfer of Units, except in accordance with Section 11.5.
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