Exclusive Causes of Dissolution. Notwithstanding the Act, the following and only the following events shall cause the Council to be dissolved, liquidated, and terminated: (a) The approval by at least three-quarters of the Members to dissolve the Council; or (b) At any time there are no members of the Council, unless the business of the Council is continued in accordance with the Act. (c) Any dissolution of the Council other than as provided in this Section 10.2 shall be a dissolution in contravention of this Agreement. In no event shall any proceeds of a dissolution, liquidation, or termination of the Council be paid to the Governing Members or the Original Member.
Appears in 16 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement, Limited Liability Company Agreement
Exclusive Causes of Dissolution. Notwithstanding the Act, the following and only the following events shall cause the Council to be dissolved, liquidated, and terminated:terminated:β
(a) The approval by at least three-quarters of the Members to dissolve the Council; or
(b) At any time there are no members of the Council, unless the business of the Council is continued in accordance with the Act.
(c) . Any dissolution of the Council other than as provided in this Section 10.2 shall be a dissolution in contravention of this Agreement. In no event shall any proceeds of a dissolution, liquidation, or termination of the Council be paid to the Governing Members or the Original Member.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement, Limited Liability Company Agreement
Exclusive Causes of Dissolution. Notwithstanding the Act, the following and only the following events shall cause the Council to be dissolved, liquidated, and terminated:terminated:β
(a) The approval by at least three-quarters of the Members to dissolve the Council; or
(b) At any time there are no members of the Council, unless the business of the Council is continued in accordance with the Act.
(c) Any dissolution of the Council other than as provided in this Section 10.2 shall be a dissolution in contravention of this Agreement. In no event shall any proceeds of a dissolution, liquidation, or termination of the Council be paid to the Governing Members or the Original Member.
Appears in 1 contract
Samples: Limited Liability Company Agreement
