Issuances of Additional Membership Interests. The Management Committee is authorized to cause the Company to issue such additional Membership Interests in the form of Units, at any time or from time to time, to the Members or to other Persons for such consideration and on such terms and conditions as shall be established by Supermajority Vote of the Management Committee. The Management Committee may, at its option, at the time a Member is admitted, close the Company books (as though the Company's tax year had ended) or make pro rata allocations of loss, income and expense deductions to a new Member for that portion of the Company's tax year in which a Member was admitted in accordance with the provisions of Code Section 706(d) and the Treasury Regulations promulgated thereunder.
Appears in 4 contracts
Samples: Series C Preferred Stock Purchase Agreement (Mp3 Com Inc), Series C Preferred Stock Purchase Agreement (Mp3 Com Inc), Series C Preferred Stock Purchase Agreement (Mp3 Com Inc)
