No Withdrawals From Capital Accounts. No Shareholder shall be entitled to withdraw any part of its Capital Account or to receive any distribution from the Company, except as otherwise provided in this Agreement. No Shareholder, including the Directors, shall receive any interest, salary, or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise provided in this Agreement. The Capital Accounts are maintained for the sole purpose of allocating items of income, gain, loss, and deduction among the Shareholders and shall have no effect on the amount of any distributions to any Shareholders, in liquidation or otherwise.
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Samples: Joint Venture Agreement (Hempacco Co., Inc.), Joint Venture Agreement (Hempacco Co., Inc.), Joint Venture Agreement (High Sierra Technologies, Inc.)
No Withdrawals From Capital Accounts. No Shareholder Member shall be entitled to withdraw any part of its Capital Account or to receive any distribution from the Company, except as otherwise provided in this Agreement. No ShareholderMember, including the DirectorsManaging Member, shall receive any interest, salary, management or service fees or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise provided in this Agreement. The Capital Accounts are maintained for the sole purpose of allocating items of income, gain, loss, loss and deduction among the Shareholders Members and shall have no effect on the amount of any distributions to any ShareholdersMembers, in liquidation or otherwise.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Lendway, Inc.), LLC Operating Agreement, LLC Operating Agreement
No Withdrawals From Capital Accounts. No Shareholder shall be entitled to withdraw any part of its Capital Account or to receive any distribution from the Company, except as otherwise provided in this Agreement. No Shareholder, including the Managing Directors, shall receive any interest, salary, or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise provided in this Agreement. The Capital Accounts are maintained for the sole purpose of allocating items of income, gain, loss, and deduction among the Shareholders and shall have no effect on the amount of any distributions to any Shareholders, in liquidation or otherwise.
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