Proposal of Amendments. Amendments to the Articles and this Agreement may be proposed in writing by the Board. If any such proposed amendment could adversely affect the classification of the Company as a partnership for federal income tax purposes, the proposed amendment must be accompanied by an opinion of counsel as to the legality and effect on the Company and the Members. Copies of any amendments proposed to be made pursuant to this Section shall be sent to each of the Members.
Appears in 5 contracts
Samples: Operating Agreement (Us Xpress Enterprises Inc), Operating Agreement (Hunt J B Transport Services Inc), Operating Agreement (MS Carriers Inc)
Proposal of Amendments. Amendments to the Articles and this Agreement may be proposed in writing by the Boardany Member. If any such proposed amendment could adversely affect the classification of the Company as a partnership for federal income tax purposes, the proposed amendment must be accompanied by an opinion of counsel as to the legality and effect on the Company and the Members. Copies of any amendments proposed to be made pursuant to this Section shall be sent to each of the Members.an
Appears in 2 contracts
Samples: Purchase Agreement (Penske Motorsports Inc), Purchase Agreement (Penske Motorsports Inc)
Proposal of Amendments. Amendments to the Articles of Organization (“Articles”) and this Agreement may be proposed in writing by the Boardany Member. If any such proposed amendment could adversely affect the classification of the Company as a partnership for federal income tax purposes, the proposed amendment must be accompanied by an opinion of counsel as to the legality and effect on the Company and the Members. Copies of any amendments proposed to be made pursuant to this Section shall be sent to each of the Members.
Appears in 1 contract
Proposal of Amendments. Amendments to the Articles and this Agreement may be proposed in writing by the Boardany Member. If any such proposed amendment could adversely affect the classification of the Company as a partnership for federal income tax purposes, the proposed amendment must be accompanied by an opinion of counsel as to the legality and effect on the Company and the Members. Copies of any amendments proposed to be made pursuant to this Section 12.1 shall be sent to each of the Members.
Appears in 1 contract
