Ceasing to be a Member. Upon any Member's death, expulsion, resignation, dissolution, incompetency, or bankruptcy, such person or entity shall cease to be a Member. Any payment made to a Member's successor in interest, personal representative, executor, or administrator shall acquit the Company of any and all liability to such Member and to any such person as may be interested in any such payment by reason of such Member's death, expulsion, resignation, dissolution, incompetency, or bankruptcy.
Appears in 22 contracts
Samples: Operating Agreement (Trilink Energy, Inc.), Operating Agreement (Trilink Energy, Inc.), Operating Agreement (Northland Holdings Management Inc)
Ceasing to be a Member. Upon any Member's death, expulsion, resignation, dissolution, incompetency, or bankruptcy, such person or entity shall cease to be a Member. Any payment made made
to a Member's successor in interest, personal representative, executor, or administrator shall acquit the Company of any and all liability to such Member and to any such person as may be interested in any such payment by reason of such Member's death, expulsion, resignation, dissolution, incompetency, or bankruptcy.
Appears in 2 contracts
Samples: Operating Agreement (Upper Michigan Newspapers LLC), Operating Agreement (Upper Michigan Newspapers LLC)
