New or Substituted Members Clause Samples
The "New or Substituted Members" clause defines the process by which new individuals or entities may join an existing group, partnership, or organization, or replace current members. Typically, this clause outlines the conditions under which membership changes are permitted, such as requiring approval from existing members or compliance with certain eligibility criteria. For example, it may specify that a departing partner in a partnership can be replaced by a new partner only if all remaining partners consent. The core function of this clause is to provide a clear and orderly mechanism for changes in membership, thereby maintaining stability and continuity within the organization while managing the risks associated with transitions.
New or Substituted Members. New members will be admitted to the Company only upon a unanimous vote of the members and only upon executing a copy of this Agreement, agreeing to its terms. A member may sell or assign their interest only to another member or to the Company as provided in Article 7 below.
New or Substituted Members. New members shall be admitted to the Company only upon the written consent of the existing member. An assignee of a member’s ownership interest in the Company shall be admitted to the Company as a substituted member only upon the written consent of 100 percent of the members. A new or substituted member, as a condition of being admitted to membership in the Company, shall be fully bound by the terms and provisions of this Operating Agreement and all amendments thereto, whether or not the new or substituted member actually signs this agreement or an addendum thereto.