Complete Prohibition On Certain Transfers Of Units. Notwithstanding any other provisions of this Policy, the following Transfers will be prohibited and the Directors will have no authority to approve any of the following Transfers: (a) a Transfer in violation of the Securities Act or any state securities or blue sky laws applicable to the Company or the Membership Interest to be transferred; (b) a Transfer that would cause the Company to be considered a publicly traded partnership under Section 7704(b) of the Code; (c) a Transfer that would cause the Company to lose its status as a partnership for federal income tax purposes, taking into account all facts and circumstances, including facts and circumstances that might not be directly related to the proposed Transfer; or
Appears in 4 contracts
Samples: Operating Agreement (Southwest Iowa Renewable Energy, LLC), Operating Agreement (Southwest Iowa Renewable Energy, LLC), Operating Agreement (Southwest Iowa Renewable Energy, LLC)
