Expulsion of Partner Sample Clauses

Expulsion of Partner. A partner shall be liable to be expelled from the LLP and thereupon his partnership in the LLP shall stand terminated in following cases: If he, without consent of all other partners, assigns, charges or encumbers his share in the LLP; If he becomes bankrupt; If he is declared or applies to be declared an insolvent; If becomes lunatic or becomes permanently incapable of attending to the business of the LLP or applying his mind and knowledge for the purposes of the business of the LLP; If he, without leave of the LLP, absents himself from the business of the LLP for a continuous period of three months; If he commits breach of this LLP Agreement which is material (not only of technical or procedural in nature); If he commits any criminal offence or do or suffer any act which would be a ground of dissolution of the LLP by any court or Tribunal In any of the above circumstance, it shall be lawful for the partners by notice in writing to the offending or incapacitated partner or his trustee or official assigns to expel/terminate such partner and the other partners shall have the option to purchase his share and pay the purchase price to the offending partner or his trustee or official assignee. CONTRIBUTION OF PARTNERS AND RETURN THEREON Initially the Capital of the LLP shall be Rs.100000/- (Rupees ONE LACS only) which shall be Contributed by the partners as follows:
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Expulsion of Partner. This provision of this Agreement shall operate as an express agreement of the Partner: a Partner may not be expelled by an unanimous decision of the partners save in good faith and in the interest of the partnership business only after a show-cause notice in writing is served on that Partner or designated Partner giving 7 days time for his response; and in that event the Partner expelled shall be entitled to the benefits of a retiring Partner in accordance with the provisions of this Agreement in that behalf.
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Expulsion of Partner. This provision of this Agreement shall operate as an express agreement of the Partner: a Partner may not be expelled by an unanimous decision of the partners save in good faith and in the interest of the partnership business only after a show-cause notice in writing is served on that Partner or designated Partner giving 7 days time for his response; and in that event the Partner expelled shall be entitled to the benefits of a retiring Partner in accordance with the provisions of this Agreement in that behalf. 28. Goodwill – A valuation of the assets, effects and of the goodwill including the Partnership name shall be made at three times the average net yearly profits of the preceding five years or the commencement of the LLP, whichever is less, for the purpose to determine the amount due to such a Partner who has existed, and the payment shall be met by the Partners remaining with the LLP in proportion to their respective capital contribution on the date of his exist within six calendar months from the date of exit, any delay beyond attracting interest at ------per cent per annum from the date of expiry of the said six months till the actual date of payment. On such a payment being made the share of the Partner exited in the goodwill shall stand vested in the remaining Partners of the LLP. 29. Retiring Partner not to carry on competing business – An outgoing or retiring Partner, whose dues have been settled and paid off in accordance with the covenants in this Agreement, shall not during the period of two years from the date of his exit as Partner carry on or engage or be interested directly or indirectly in any business competing with the LLP anywhere in the State where the LLP’s registered office is situated.
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Expulsion of Partner 
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Related to Expulsion of Partner

  • Negation of Partnership Landlord shall not become or be deemed a partner or a joint venturer with Tenant by reason of the provisions of this Lease.

  • Admission of Members Other persons may be admitted as Members from time to time pursuant to the provisions of this Agreement.

  • Admission of Additional Members One or more additional members of the Company may be admitted to the Company with the written consent of the Member.

  • CERTIFICATION OF MEMBERS The undersigned hereby agree, acknowledge, and certify that the foregoing Operating Agreement is adopted and approved by each Member. The agreement consisting of pages, constitutes, together with Exhibit 1, Exhibit 2, and Exhibit 3, the Operating Agreement of , adopted by the Members as of the day of , 20 . Members: Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % EXHIBIT 1 LISTING OF MANAGERS By a majority vote of the Members, the following Managers were elected to operate the Company pursuant to ARTICLE IV of the Agreement: Signature Printed Name Chief Executive Manager Address Signature Printed Name Title: Address The above listed Manager(s) will serve in their capacities until they are removed for any reason by a majority vote of the Members as defined by ARTICLE IV or upon their voluntary resignation. Signed and agreed this day of , 20 . Signature of Member Printed Name Signature of Member Printed Name Signature of Member Printed Name Signature of Member Printed Name EXHIBIT 2 LISTING OF MEMBERS As of the day of , 20 the following is a list of Members of the Company: Name Percent % Address Name Percent % Address Name Percent % Address Name Percent % Address Authorized by Member(s) to provide Member Listing as of this day of , 20 . Signature of Member Signature of Member Signature of Member Signature of Member EXHIBIT 3 CAPITAL CONTRIBUTIONS Pursuant to ARTICLE II, the Members' initial contribution to the Company capital is stated to be $ . The description and each individual portion of this initial contribution is as follows: $ $ $ $ $ $ $ $ $ SIGNED AND AGREED this day of , 20 . Member Member Member Member LLC Resolution to Open a Bank Account Account: Holder: Bank Name: Address:

  • 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.

  • Notice of Withdrawal Agent will return to any person tendering the Shares, in the manner described in Article I, Section 8 hereof, any Shares tendered by such person but duly withdrawn pursuant to the Offer to Purchase. To be effective, Agent must receive a written notice of withdrawal at its address as set forth on the back page of the Offer to Purchase, within the time period specified for withdrawal in the Offer to Purchase or other method mutually agreed to by the Purchaser and Agent. Any notice of withdrawal must specify the name of the registered holder of the Shares to be withdrawn, the number of the Shares to be withdrawn and, if such Shares are represented by a physical certificate, the number of such certificate. Agent is authorized and directed to examine any notice of withdrawal to determine whether it believes any such notice may be defective. In the event Agent concludes that any such notice is defective it shall, after consultation with and on the instructions of the Purchaser, use reasonable efforts in accordance with its regular procedures to notify the person delivering such notice of such determination. All questions as to the form and validity (including time of receipt) of notices of withdrawal will be determined by the Purchaser in its sole discretion, whose determination shall be final and binding. Any Shares withdrawn in accordance with the procedures set forth in this section shall no longer be considered to be properly tendered unless such Shares are re-tendered prior to the Expiration Date in accordance with Article I, Section 2 hereof.

  • Right of withdrawal If you are a consumer, you have the right to withdraw from the User Agreement without giving any reason and without penalty within 14 days of your account being opened. To do so, you must, within these 14 days, follow the process to close your account which will end the User Agreement. PayPal thinks consumers should have the choice to use our services or not so we don’t lock you into a contract. This is why, in addition to these mandatory rights, even after 14 days, you can end your agreement by closing your account. By making use of our services during the 14-day withdrawal period you require our services to be provided before the end of the 14-day right of withdrawal period. You will have to pay fees for the services you used (including during the 14-day withdrawal period) up until you close your account and withdraw your balance, if any. All pending transactions will be cancelled when you close your account. See the section “Closing your PayPal account” in the User Agreement for more details.

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