Death or Incompetency of a Member Sample Clauses

Death or Incompetency of a Member. The death, retirement, resignation, expulsion or incompetency of a Member shall not cause the dissolution of the Company or entitle the Member to a return of his or her contribution of the capital of the Company. Upon the death or incompetency of a Member, his or her Company interest shall pass to his or her estate or his personal representative, as the case may be, and such estate or personal representative shall have all the rights of a Member for the purpose of settling his or her estate, and such estate or his or her personal representative of such Member shall be liable for all his or her liabilities as a Member.
Sample 1Sample 2Sample 3See All (10)
AutoNDA by SimpleDocs
Death or Incompetency of a Member. If a Member dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her person or property, such Member’s rights and powers as a Member shall terminate, except with respect to his or her beneficial interest in his or her Capital Account. In that connection, such Member’s executor, administrator, guardian, conservator or other legal representative shall have only the economic rights and powers of such Member, and no voting rights, unless admitted to the Company as a substitute Member pursuant to Article VI.
Sample 1
Death or Incompetency of a Member. If a Member who is an individual dies or a court of competent jurisdiction adjudges him to be incompetent to manage his person or his property, the Member's executor, administrator, guardian, conservator, or other legal representative may exercise all of the Member's rights for the purpose of settling his estate or administering his property.
Sample 1
Death or Incompetency of a Member. In the case of the death or incompetency of a Member who is an individual, the successor-in-interest to the Member shall, to the extent described in this Section 11.3, succeed to the rights of the Member for the purpose of settling the Member's estate or administering the Member's property after the successor-in-interest has submitted to the Board of Managers certified copies of court orders establishing such death or incompetency and the authority of the successor-in-interest. The successor-in-interest shall not become a Member, and shall only be entitled to receive the distributions which the deceased or incompetent Member would have been entitled.
Sample 1

Related to Death or Incompetency of a Member

  • Death, Incompetency, or Bankruptcy of Member On the death, adjudicated incompetence, or bankruptcy of a Member, unless the Company exercises its rights under Section 8.5, the successor in interest to the Member (whether an estate, bankruptcy trustee, or otherwise) will receive only the economic right to receive distributions whenever made by the Company and the Member's allocable share of taxable income, gain, loss, deduction, and credit (the "Economic Rights") unless and until a majority of the other Members determined on a per capita basis admit the transferee as a fully substituted Member in accordance with the provisions of Section 8.3. 8.4.1 Any transfer of Economic Rights pursuant to Section 8.4 will not include any right to participate in management of the Company, including any right to vote, consent to, and will not include any right to information on the Company or its operations or financial condition. Following any transfer of only the Economic Rights of a Member's Interest in the Company, the transferring Member's power and right to vote or consent to any matter submitted to the Members will be eliminated, and the Ownership Interests of the remaining Members, for purposes only of such votes, consents, and participation in management, will be proportionately increased until such time, if any, as the transferee of the Economic Rights becomes a fully substituted Member.

  • Death or Incapacity If the Executive’s employment is terminated by reason of the Executive’s death or Incapacity during the Employment Period, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than for (i) timely payment of Accrued Obligations in a lump sum in cash within 30 days after the Date of Termination and (ii) provision by the Company of death benefits or disability benefits for termination due to death or Incapacity, respectively, in accordance with Section 3(b)(iii) as in effect at the Operative Date or, if more favorable to the Executive, at the Executive’s Date of Termination.

  • Dissociation of a Member The withdrawal, resignation, retirement, disability, expulsion, or bankruptcy of a member will terminate the membership of the member in the Company. Such a member will be deemed a “dissociated member.”

  • Incompetence Willful misconduct;

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!