Null and Void. An attempted Transfer of all or a portion of any Units that is not in compliance with this Article 3 in its entirety will be null and void. A Transferee may not become a substitute Member without the express written consent of Members holding more than fifty percent (50.0%) of the total Units outstanding. Such consent may be withheld for any reason (or no reason). In the event that such consent is granted, the Transfer and the transferee must comply with all the provisions of this Agreement and all applicable law. No Units may be transferred if, in the sole and absolute discretion of the Manager, such a Transfer would jeopardize the availability of exemptions from registration under federal securities laws, the tax status of the LLC or cause termination of the LLC for federal income tax purposes.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (Cf Fund Ii, LLC), Operating Agreement (Cf Fund Ii, LLC), Limited Liability Company Operating Agreement (Cf Fund Ii, LLC)
