Involuntary Transfer of Interests Sample Clauses

Involuntary Transfer of Interests. In the event of any involuntary transfer of Interests to a Person, that Person will have only the rights of an assignee set forth in Section 8.6 with respect to those Interests.
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Involuntary Transfer of Interests. In the event of any involuntary transfer of Interests to a Person, that Person will have only the rights of an assignee set forth below with respect to those Interests. Rights of Assignee. An assignee has no right to vote, receive information concerning the business and affairs of the Company and is entitled only to receive Distributions and allocations attributable to the Interest held by the assignee as determined by the Manager and in accordance with this Agreement.
Involuntary Transfer of Interests. (a) The death, insanity, retirement, withdrawal, termination, Bankruptcy Event or dissolution of a Stockholder B, or the occurrence of any other event (other than an assignment of a Stockholder B’s Interest in the Company, which shall be subject to this Article 7) which terminates the continued ownership of a Stockholder B in the Company (a “Stockholder Termination Event”) shall not dissolve the Company. Any Stockholder B whose actions or conduct results in the Stockholder Termination Event (“Former Stockholder B”) shall cease to be a Stockholder B with an Interest in the Company as of the Stockholder Termination Event, and such Former Stockholder B or such Former Stockholder B’s successor-in-interest shall (i) have no right to participate in the management of the Company Business or to become a Stockholder B, and (ii) have only its Economic Interest in the Company and only be entitled to receive the share of Profits or other compensation by way of income and the return of Capital Contributions to which the transferor of such Economic Interest in the Company would otherwise be entitled. (b) A former Stockholder B shall have no right to demand the return of the balance of its Capital Account until such time as the Company is dissolved and wound up.

Related to Involuntary Transfer of Interests

  • Involuntary Transfer An ‘involuntary transfer’ shall mean a change of assignment from one building to another to fill a specific position or vacancy when the employee does not agree to the change of assignment. 6.3.1 In the event the District determines that circumstances require a transfer of staff to fill a specific position and no qualified staff member voluntarily accepts the necessary transfer then the Superintendent will determine that an involuntary transfer action needs to be implemented. A pool of potential involuntary transferees shall be designated. Each potential transferee shall be considered on the basis of information contained in his/her staff development plan, his/her past performance, and any other pertinent factors. 6.3.2 In the event two or more potential transferees are deemed equally qualified by the District, the least senior employee under consideration shall be involuntarily transferred. Each involuntary transfer will be considered on its own merits and every attempt will be made to minimize disruption to the instructional program. The Superintendent shall notify the person to be involuntarily transferred in writing and shall stipulate the reasons for the transfer. Such notification shall take place before the involuntary transfer is to be implemented. The employee who is involuntarily transferred shall have the right to meet with the Superintendent or designee. 6.3.3 Except in emergencies, at least ten (10) days written notice will be given to the person who is to be involuntarily transferred. However, the involuntary transfer will be tentative until the teacher has had the opportunity to appeal the decision through the grievance procedure. Such appeal shall be limited to alleged procedural violations of this involuntary transfer policy. Appeals on any aspect other than the procedure will be submitted to the District’s Board of Directors in accordance with Article 5, Section 1, Class B, Grievance. 6.3.4 Employees who have been involuntarily transferred who notify the District of their desire to return will be transferred back to the last assignment held if or when that former assignment becomes vacant. This consideration shall expire when the employee has worked the same number of years as the former assignment from which they were transferred. 6.3.5 A person involuntarily transferred during the school year will be granted one (1) of the options listed in Section 7, ‘New Curriculum Responsibilities’.

  • Voluntary Transfers (a) A voluntary transfer is the voluntary movement of an employee from one worksite or school to another worksite or school. Any member of the Bargaining Unit shall have the right to request a voluntary transfer. (b) Employees shall remain in their current position at their current site for two years prior to being eligible to request a transfer; however, if the time spent in the current position at the current site is less than two years, but the position the employee is requesting would provide a salary increase, then the employee may request the transfer to the new position. Once the employee accepts a new position, the two-year requirement to be eligible to transfer shall commence once again. (c) All known vacancies and new positions shall be posted on the Federation bulletin board located in each school. A copy of the posting shall also be sent by mail to the Federation office. (d) Any employee desiring to transfer from his position to one of the vacant positions must file an application containing such information as may be required by the Department of Human Resources by the deadline established for applying. Vacancy postings shall provide a minimum of seven (7) workdays prior to the deadline for application. Application forms will be made available in each school building. (e) Transfer requests shall be granted in filling vacancies to the applicant(s) possessing the greatest number of years of service in the St. Tammany Parish School System except as follows: (1) When the applicant does not have the needed experience for the position; (2) When the position requires special qualifications; (3) Where the position requires special training; (4) If the applicant is not willing or able to assume special responsibilities required by the position, as specified at the interview; (5) When the applicant is not the individual deemed best able to meet the needs of the school or building site; and/or (6) When the principal or building supervisor deems it appropriate, based on the criteria number (4) and (5) above, to review the qualifications of new applicants prior to making his decision, in which case all applicants will be considered for the position before it is filled. (f) The principal or building supervisor will then make a recommendation to the Supervisor of Human Resources. (g) The principal or building supervisor shall provide written reasons, on request of any unsuccessful applicant, through the Department of Human Resources, explaining the basis for the selection he made. (h) A transfer request may be withdrawn in writing any time prior to the applicant’s acceptance of the position. (i) The Board shall implement all voluntary transfers for which vacancies exist before implementing involuntary transfers. This does not preclude the Board from acting upon subsequent voluntary transfer requests as vacancies become available.

  • Voluntary Transfer An employee who transfers within the same class shall receive no salary adjustment. An employee who transfers between classes shall receive the minimum adjustment necessary to bring his/her salary to the minimum rate of the new class. However, an employee receiving a rate of pay in excess of the range maximum shall continue to receive that rate of pay.

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