Events of Dissociation. A person, trust or entity shall cease to be a Member upon the happening of any of the following Events of Dissociation:
Events of Dissociation. A Member ceases to be a Member of the Company upon the occurrence of any of the following events:
Events of Dissociation. A member dissociates from the company if the member is expelled or becomes bankrupt. A member who is an individual also dissociates from the company if the member dies or becomes incapacitated, and a member that is an entity dissociates if it is dissolved or terminated.
Events of Dissociation. A Member’s Dissociation from the Company occurs upon: (1) the Member’s withdrawal or expulsion from the Company; (2) the Member’s Transfer of the Member’s entire Membership Interest; (3) as to a Member who is a natural person, the Member’s Incapacity or death; (4) the Member’s Bankruptcy; (5) as to a Member who holds a Membership Interest as a fiduciary, distribution of the entire Membership Interest to the beneficial owners; or (6) as to a Member that is an Entity, the Entity’s Dissolution.
Events of Dissociation. A Shareholder shall be dissociated from the Company upon the occurrence of any of the following events (each, an “Event of Dissociation”):
Events of Dissociation. A Member's “Dissociation” from the Company occurs upon: (i) the Member's Bankruptcy; (ii) as to a Member who is a natural person, the Member's death, an adjudication by a court of competent jurisdiction of the Member's incompetency, or the Member's imprisonment after conviction of a felony for a term greater than one year (“Imprisonment”); (iii) as to a Member who holds a Membership Interest as a fiduciary, distribution of the Member's entire Membership Interest to the beneficial owners; or
Events of Dissociation. A Member shall be dissociated from the LLC only upon the occurrence of an event identified in this Section 7.a. Commented [CM17]: Married Members still need to specify whether their interest passes to their spouse or another relative. 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”.
Events of Dissociation. A Member shall cease to be a Member (hereinafter "Dissociate") upon the occurrence of any of the following events: a Member files a voluntary petition in bankruptcy, becomes the subject of an order for relief under federal bankruptcy laws, makes a general assignment of the Member's interest in the Company for the benefit of creditors, or files a petition or answer (or fails to contest any such petition or answer) for reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any state or federal law or regulation; b The Member seeks, consents to, or acquiesces in the appointment of a trustee, receiver or liquidator of the Member's assets;
Events of Dissociation. Upon the death, incapacity, resignation, expulsion, bankruptcy or dissolution of a Member, the involuntary withdrawal of PSO as a result of requirements imposed by regulatory authorities having jurisdiction over such Member, or the occurrence of any other event which terminates the continued membership of a Member in the Company (any such Member shall be referred to herein as a "Dissociated Member" and any of such events shall be referred to herein as an "Event of Dissociation"), the Company shall dissolve and its affairs shall be wound up; provided, however, it is agreed that without the consent of all other Members, no Member may voluntarily resign from the Company except as otherwise provided in the Member Agreement. The Company shall thereafter conduct only activities necessary to wind up its affairs, unless there is at least one (1) remaining Member and within sixty (60) days after the occurrence of an Event of Dissociation, all the remaining Members unanimously agree to continue the Company. If any election to continue the Company is made, then, except as otherwise provided in the Member Agreement or the Manager's Agreement:
Events of Dissociation. Only the events specified in Sections 14-11-601(a)(5), 14-15-601(a)(6) and 14-11-601(a)(7) of the Act (the "Dissociating Events") shall cause a Member to cease to be a Member.
