Dissociation by Reason of Member’s Death Sample Clauses

Dissociation by Reason of Member’s Death. A Member shall be dissociated upon the Member’s death. The effective date of the dissociation shall be the date of the Member’s death. Notwithstanding the foregoing, upon the death of a Member,then such Member’s Membership interest shall transfer to such Member’s heirs or beneficiaries designated in Exhibit “A” unless such Member is designated as “No Transfer” in Exhibit “A” in which case the deceased Member’s Membership interest shall not be transferred, and the Membership interest of the deceased Member shall be subject to dissociation as provided herein. If two Members Commented [CM16]: Members should carefully consider the ability to conduct business with a deceased Member’s heir(s). As a result, the operating agreement and input form requests the Members to either designate heirs or to categorize a given Member’s interest as “No Transfer”. are married to each other while they are Members and if one of them dies, then the Membership rights of the deceased Member shall pass in accordance with the designation in Exhibit “A”; however, in the event that Exhibit “A” shows “No Transfer” in connection with a deceased Member married to another Member, then the right to the economic rights and any proceeds of a cross-purchase shall pass Commented [CM17]: Membership rights of married Members pass to one another or to persons identified in Section
Sample 1
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Related to Dissociation by Reason of Member’s Death

  • Termination of Membership You may terminate your membership by giving us written notice or by withdrawing your minimum required membership share(s), if any, and closing all your accounts. You may be denied services for causing a loss to the Credit Union, or you may be expelled for any reason as allowed by applicable law.

  • Disability of Member Upon the disability of a Member, the Member may continue to act as Manager hereunder or appoint a person to so serve until the Member's Interests and Capital Account of the Member have been transferred or distributed.

  • Termination by Participant Participant may terminate the Agreement as follows:

  • Termination by Employer (i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof, "

  • Termination by Employee Employee may terminate his employment under this Agreement by 60 days' written notice to the Company.

  • Termination by You You may cancel your acceptance of this Contract by delivering notice to XOOM by way of mail, fax, e-mail or by personal delivery, in the following circumstances:

  • Termination by Owner for Cause This Agreement may be terminated by Owner (or the Property Manager may be required by Owner to change its personnel assigned as Property Manager for the Property) at any time during the term hereof upon written notice to Property Manager effective immediately for any of the following causes:

  • Termination by Owner The Owner may terminate this Agreement in whole or in part, for the failure of the Consultant to:

  • Re-employment After Voluntary Termination or Dismissal for Cause Where an employee voluntarily leaves the Employer's service, or is dismissed for cause and is later re-engaged, seniority and all perquisites shall date only from the time of re-employment, according to regulations applying to new employees.

  • Termination by Us We may terminate this Contract with 30 days’ written notice as follows:

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