Effect of Resignation or Removal. If the Manager resigns or is removed, the Management Committee will thereupon select another Member to become the Manager effective the date established by the Management Committee. The new Manager will assume all of the rights, duties, liabilities and status of the previous Manager as provided in this Agreement. The new Manager will have no obligation to hire any employees of the former Manager resulting from this change of Manager. Upon ceasing to be Manager, the former Manager will forthwith deliver to the new Manager books, records, and other property both real and personal which it prepared or maintained in its capacity as manager. If the Manager resigns or is removed and no other Member consents to act as Manager, the Company will be terminated and the member which was the Manager may, if it consents to act, continue to act as Manager to effect the termination and the other Members will be obligated to fund their respective Proportionate Shares of the Costs incurred.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Strathmore Minerals Corp.), Limited Liability Company Operating Agreement (American Uranium Corp)
Effect of Resignation or Removal. If the Manager resigns or is removed, the Management Committee will thereupon select another Member to become the Manager effective the date established by the Management Committee. The new Manager will assume all of the rights, duties, liabilities and status of the previous Manager as provided in this Agreement. The new Manager will have no obligation to hire any employees of the former Manager resulting from this change of Manager. Upon ceasing to be Manager, the former Manager will forthwith deliver to the new Manager books, records, and other property both real and personal which it prepared or maintained in its capacity as managerManager. If the Manager resigns or is removed and no other Member consents to act as Manager, the Company will be terminated and the member Member which was the Manager may, if it consents to act, continue to act as Manager to effect the termination and the other Members will be obligated to fund their respective Proportionate Shares of the Costs incurred.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Strathmore Minerals Corp.), Limited Liability Company Operating Agreement (Yellowcake Mining Inc.)
