Deceased member. A person who, at the time of his or her death, was an ac- tive duty member of a Uniformed Serv- ice under a call or order that did not specify a period of 30 days or less.
Deceased member. In the event of the death of a Member (such Member, the "Deceased Member"), the interest of the Deceased Member may be transferred to the Deceased Member's estate or heirs-at-law; provided, however, that within ninety (90) days of receipt of notice of such death, the Company shall have the right to acquire the Deceased Member's entire Membership Interest at a price equal to the fair market value of such Membership Interest (determined by closing the books as of the day prior to the date of redemption, with allocations to be made hereunder as if the taxable year of the Company had ended on that date).
Deceased member. The Company shall, at the option of the Estate or Member's widow, repurchase a Deceased Member's interest by agreeing to distribute out his Capital Account. The pay out shall be done in three (3) equal, annual payments, the first one due within ninety (90) days of the Estate's or widow's election to be bought out. No interest shall be paid on the outstanding balance. If the Estate's or widow does not exercise this option within one (1) year after the death of the Member, such non-exercise shall be deemed an election by the Widow or inheriting "Family" member to become a Member and a disposition of the interest shall become subject to this agreement as such. If said share is inherited by a Non-Family member, such Transferee may Petition the Company for admittance as a Member under Section 5.3 B) above, except that if such request is rejected, Transferee may require the Company to purchase his interest on the same terms as the Widow, under this provision, or may seek to sell his interest under the terms of 5.3 B)
