New or Substituted Members Sample Clauses

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.
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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.
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Related to New or Substituted Members

  • Substituted Members Subject to the provisions of Article X hereof, in connection with the Permitted Transfer of a Unit hereunder, the Permitted Transferee shall become a Substituted Member on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company, including the Schedule of Members.

  • Admission of Substituted Members Subject to the other provisions of this Article 10 a transferee of a Membership Interest may be admitted to the Company as a substituted Member only upon satisfaction of the conditions set forth in this Section 10.5.

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