Restriction on Transfers and Admission of New Members. (a) Subject to Sections 9.1(b) and 9.1(c), membership in the Company shall be restricted to the Initial Member, assignment in whole or in part of any Membership Interest is prohibited, and no new Members shall be admitted. (b) Notwithstanding the provisions of Section 9.1(a), all or part of the Membership Interest of a Member may be Transferred by the Member if the Transfer is consented to by a Majority in Membership Interests. (c) Notwithstanding the provisions of Section 9.1(a), any Person may be admitted as a new Member of the Company provided that such Person’s admission into the Company is consented to by a Majority in Membership Interests.
Appears in 10 contracts
Samples: Limited Liability Company Agreement (Forbes Energy International, LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC)
Restriction on Transfers and Admission of New Members. (a) Subject to Sections 9.1(b) and 9.1(c), membership in the Company shall be restricted to the Initial Member, assignment in whole or in part of any Membership Interest is prohibited, and no new Members shall be admitted.
(b) Notwithstanding the provisions of Section 9.1(a), all or part of the Membership Interest of a Member may be Transferred by the Member if the Transfer is consented to by a Majority in Membership Interests.
(c) Notwithstanding the provisions of Section 9.1(a), any Person may be admitted as a new Member of the Company provided that such Person’s 's admission into the Company is consented to by a Majority in Membership Interests.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Leevac Marine Inc), Limited Liability Company Agreement (Leevac Marine Inc), Limited Liability Company Agreement (Leevac Marine Inc)
