No Resignation or Expulsion Clause Samples
The "No Resignation or Expulsion" clause prohibits members or parties from voluntarily leaving or being forcibly removed from an organization, group, or agreement. In practice, this means that once a party has joined or signed on, they are obligated to remain involved for the duration specified, regardless of personal preference or group decisions. This clause ensures stability and continuity within the organization or agreement by preventing disruptions that could arise from unexpected departures or expulsions.
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No Resignation or Expulsion. A Shareholder does not have the right or power to Resign and no Shareholder may be expelled or removed as a Shareholder.
No Resignation or Expulsion. 11 Section 3.04. Certificates..............................................11 Section 3.05. Register, Registration of Transfer and Exchange...........12 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates.........13 ARTICLE IV AUTHORIZATION AND ISSUANCE OF COMPANY SECURITIES
No Resignation or Expulsion. Except as otherwise permitted herein, a Member may not take any action to Resign voluntarily, and a Member may not be expelled or otherwise removed involuntarily as a Member, prior to the dissolution and winding up of the Company, in each case other than as a result of a permitted Disposition of all of such Member’s Membership Interests in accordance with Article VII, and, if applicable each of the transferees of such Membership Interests being admitted as a Substituted Member. A Member will cease to be a Member only in the manner described in Section 3.4 and Article XII.
No Resignation or Expulsion. A Member may not take any action to resign, withdraw or retire as a Member voluntarily, and a Member may not be expelled or otherwise removed involuntarily as a Member, prior to the dissolution and winding up of the Company, other than as a result of a Permitted Transfer of all of such Member’s Interests in accordance with Article 7 and each of the transferees of such Interests being admitted as a Substitute Member.
No Resignation or Expulsion. A Member may not take any action to resign, withdraw or retire as a Member voluntarily, and a Member may not be expelled or otherwise removed involuntarily as a Member, prior to the dissolution and winding up of the Company, other than as may be required with respect to a Defaulting Member pursuant to Section 3.5 or as a result of a permitted Transfer of all of such Member’s Member Interest and associated Units in accordance with (i) Article 10 and each of the transferees of such Member Interest and associated Units being admitted as a Substitute Member or (ii) Article 11. A Member shall cease to be a Member only in the manner described in Article 10, Article 11 or, with respect to a Defaulting Member, in the manner described in Section 3.5.
No Resignation or Expulsion. A Limited Partner may not take any action to resign, withdraw or retire as a Limited Partner voluntarily, and a Limited Partner may not be expelled or otherwise removed involuntarily as a Limited Partner, prior to the dissolution and winding up of the Partnership, other than as a result of a Transfer of all of such Limited Partner’s Partner Interest. A Limited Partner shall cease to be a Partner only upon the Transfer (but specifically excluding any encumbrance of a Partner Interest, including any pledge of a Partner Interest) of all of such Partner’s Partner Interest and the admission of such assignee as a substitute Limited Partner.
No Resignation or Expulsion. A Member may not take any action to resign, withdraw or retire as a Member voluntarily, and a Member may not be expelled or otherwise removed involuntarily as a Member (including in connection with such Member’s bankruptcy, reorganization, composition, or similar proceeding), prior to the dissolution and winding up of the Company, in each case, other than as a result of a duly made direct Transfer of all of such Member’s Interests in accordance with Article 7 and each of the transferees of such Interests being admitted as a new Member, if applicable. The Members hereby acknowledge and agree that the provisions set forth in Section 18-304 of the Act will not apply to the Company. Notwithstanding that payment on account of a resignation or other withdrawal may be made after the effective time of such resignation or other withdrawal, any completely resigning or otherwise withdrawing Member will not be considered a Member for any purpose after the effective time of such complete resignation or other withdrawal, subject to such former Member’s obligations under Section 7.6, if applicable.