No Cessation of Membership upon Bankruptcy Clause Samples
The 'No Cessation of Membership upon Bankruptcy' clause ensures that a member's status within an organization or company is not automatically terminated if they become bankrupt. In practice, this means that even if a member is declared bankrupt or insolvent, they retain their rights and obligations as a member unless other specific provisions dictate otherwise. This clause is designed to provide stability and continuity within the organization, preventing automatic disruptions to membership due to financial difficulties faced by individual members.
No Cessation of Membership upon Bankruptcy. A Person shall not cease to be a Member of the Company upon the happening, with respect to such Person, of any of the events specified in Section 18-304 of the Delaware Act.
No Cessation of Membership upon Bankruptcy. A Person will not cease to be a Member of the Company upon the happening, with respect to such Person, of any of the events specified in §18-304 of the Act. Upon the occurrence of any event specified in §18-304 of the Act, the business of the Company will be continued pursuant to the terms hereof without dissolution.
No Cessation of Membership upon Bankruptcy. A Person shall not cease to be a Member of the Company upon the happening, with respect to such Person, of any of the events specified in Section 21 of the ▇▇▇▇▇▇▇▇ Islands Act.
No Cessation of Membership upon Bankruptcy. A Person shall not cease to be a Member of the Company upon the happening, with respect to such Person, of such Person’s bankruptcy or insolvency.
No Cessation of Membership upon Bankruptcy. Except as provided in Section 4.7, a Person will not cease to be a member of the Company upon the happening, with respect to such Person, of any of the events specified in §18-304 of the Act, provided, however, WCO or its designee shall become the Managing Member immediately upon the occurrence of any Bankruptcy of Genius and Genius shall cease to be the Managing Member but shall continue to be a Member. Upon the occurrence of any event specified in §18-304 of the Act with respect to a Member, the business of the Company will be continued pursuant to the terms hereof without dissolution.
No Cessation of Membership upon Bankruptcy. Unless otherwise required by the Act or other applicable law, a Person will not cease to be a Member upon the happening, with respect to such Person, of an event of bankruptcy.