Common use of Certificates for Membership Shares Clause in Contracts

Certificates for Membership Shares. The Company shall, on request, deliver to each Member a certificate indicating that it owns the number of Membership Shares set out thereon. Every certificate must be signed by (i) the Chairman, the President, any Executive Vice President or any Vice President and (ii) the Treasurer, the Assistant Treasurer, the Secretary or the Assistant Secretary of the Company. If any certificate is lost, mutilated, stolen or destroyed, the Company shall issue a replacement certificate to the Member upon receipt of evidence satisfactory to the Board of Managers of such loss, mutilation, theft or destruction, and upon receiving such indemnification as the Board of Managers deems appropriate in the circumstances. In the event of a transfer pursuant to Section 18, the transferring Member shall return to the Company any certificate(s) representing the Membership Shares being transferred, and the Company shall issue a new certificate to the transferee Member for any transferred Membership Shares. In the case of a transfer of less than all of the Membership Shares represented by a certificate, the Company shall issue to the transferring Member a new certificate for the balance of the Membership Shares retained by the transferring Member.

Certificates for Membership Shares. The Company shall, on request, deliver to each Member a certificate indicating that it owns the number of Membership Shares set out thereon. Every certificate must be signed by (i) the Chairman, the President, any Executive Vice President or any Vice President and (ii) the Treasurer, the Assistant Treasurer, the Secretary or the The Assistant Secretary of the Company. If any certificate is lost, mutilated, stolen or destroyed, the Company shall issue a replacement certificate to the Member upon receipt of evidence satisfactory to the Board of Managers of such loss, mutilation, theft or destruction, and upon receiving such indemnification as the Board of Managers deems appropriate in the circumstances. In the event of a transfer pursuant to Section 18, the transferring Member shall return to the Company any certificate(s) representing the Membership Shares being transferred, and the Company shall issue a new certificate to the transferee Member for any transferred Membership Shares. In the case of a transfer of less than all of the Membership Shares represented by a certificate, the Company shall issue to the transferring Member a new certificate for the balance of the Membership Shares retained by the transferring Member.