Restrictions on the Transfer of Membership Sample Clauses

Restrictions on the Transfer of Membership. A member shall not transfer his or her membership in the LLC unless all non-transferring members in the LLC first agree to approve the admission of the transferee into this LLC. Further, no member may encumber a part or all of his or her membership in the LLC by mortgage, pledge, granting of a security interest, lien or otherwise, unless the encumbrance has first been approved in writing by all other members of the LLC. Notwithstanding the above provision, any member shall be allowed to assign an economic interest in his or her membership to another person without the approval of the other members. Such an assignment shall not include a transfer of the member's voting or management rights in this LLC, and the assignee shall not become a member of the LLC.
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Restrictions on the Transfer of Membership. A member shall not transfer or assign his or her membership in the LLC unless all non-transferring members in the LLC first agree to approve the admission of the transferee into this LLC.
Sample 1
Restrictions on the Transfer of Membership. A member shall not transfer his or her membership in the Company unless the other member in the Company first agrees to approve the admission of the transferee into the Company. Further, no member may encumber a part or all of his or her membership in the Company by mortgage, pledge, granting of a security interest, lien or otherwise, unless the encumbrance has first been approved in writing by the other members. Notwithstanding the above provision, either member shall be allowed to assign an economic interest in his or her membership to another person without the approval of the other members. Such an assignment shall not include a transfer of the member’s voting or management rights in the Company, and the assignee shall not become a member of the Company.
Sample 1
Restrictions on the Transfer of Membership. (a) A Class "A" Member or a Class "B" Member shall not transfer his or her membership in the Company unless the Majority-in-Interest Consent of all non-transferring Class "A" Members in the Company first agree to approve the admission of the transferee into the Company. Further, no Member may encumber a part or all of his or her membership in the Company by mortgage, pledge, granting of a security interest, lien or otherwise, unless the encumbrance has first been approved in writing by the Class "A" Members of the Company. (b) Notwithstanding the above provision or Section 12.01 above, any Member shall be allowed to assign a Financial Interest in his or her membership to his or her immediate family without the approval of the other Members. Such an assignment shall not include a transfer of the Member's voting or management rights in the Company, and the assignee shall not become a Member of the Company.
Sample 1
Restrictions on the Transfer of Membership. (a) A Class "A" Member shall never have the right to transfer their membership units, or any portion thereof, without consent of the super majority (representing 66% or more) of such Class A Member Units with the express written consent of the Membership Committee. (b) Notwithstanding the above provision or Section 12.01 above, any Member being MAP or Seafarer Exploration, shall have the right to sell their subset of Units, or their Units, to another party with such approval. Such approval by the other party shall not consist of any dissenter or other rights. (c) If such transfer occurs, then the transferee party shall be subject to all the rights then held from the assuming party. Such rights shall include, and they shall be bound to all rights of either MAP or Seafarer Exploration as the Party they purchased or received such shares from. Such purchasing or receiving holder shall hold no separate rights other than what was held by MAP or Seafarer Exploration in the LLC. (d) The explicit exception to 12.01(c) above shall be if either MAP or Seafarer Exploration shall sell or otherwise devolve their interest in such units to the other party, being MAP or Seafarer Exploration. In such case, the receiving party, being MAP or Seafarer Exploration shall hold such Class A Member Units as their own, as if they were original units held by such, with all rights which originally were related to such Unit ownership, under their rights of this Agreement.
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Restrictions on the Transfer of Membership. As a single-member LLC there is no need for this provision, however if in the future other members are added, this provision will be required and updated.
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Restrictions on the Transfer of Membership. Comment [RMP31]: You must put a transfer of your Membership interest in the LLC in writing. Likewise, you must put any mortgages or liens in writing.
Sample 1
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Restrictions on the Transfer of Membership. Membership shall not be Transferable, and no membership interest may be Transferred, except with the advance written consent of [all] Members. Any purported Transfer in violation of this provision shall be void and of no force or effect whatsoever, and shall not bind, or be recognized by, or on the books of, River Edge, and any Transferee or assignee in such transaction shall not be or be treated as or deemed to be a Member for any purpose. A Member’s seniority is not transferable.
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Related to Restrictions on the Transfer of Membership

  • Restrictions on Transfer of Award This Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Paragraph 2 of this Agreement and (ii) shares of Stock have been issued to the Grantee in accordance with the terms of the Plan and this Agreement.

  • Restrictions on Transfers (a) Except as provided in Section 4.7(c) below, but notwithstanding the other provisions of this Article IV, no transfer of any Partnership Interests shall be made if such transfer would (i) violate the then applicable U.S. federal or state securities laws or rules and regulations of the Commission, any state securities commission or any other governmental authority with jurisdiction over such transfer, (ii) terminate the existence or qualification of the Partnership under the laws of the jurisdiction of its formation, (iii) cause the Partnership to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for U.S. federal income tax purposes (to the extent not already so treated or taxed), or (iv) cause the Partnership to be subjected to the provisions of the U.S. Investment Company Act of 1940, as amended. (b) The General Partner may impose restrictions on the transfer of Partnership Interests if it receives an Opinion of Counsel that such restrictions are necessary to avoid a significant risk of (i) the Partnership becoming taxable as a corporation or otherwise becoming taxable as an entity for U.S. federal income tax purposes or (ii) the Partnership being subjected to the provisions of the U.S. Investment Company Act of 1940, as amended. The General Partner may impose such restrictions by amending this Agreement; provided however, that any amendment that would result in the delisting or suspension of trading of any class of Limited Partner Interests on the principal National Securities Exchange on which such class of Limited Partner Interests is then traded must have, prior to such amendment being effected, Special LP Approval. (c) Nothing contained in this Article IV, or elsewhere in this Agreement, shall preclude the settlement of any transactions involving Partnership Interests entered into through the facilities of any National Securities Exchange on which such Partnership Interests are listed for trading. (d) Each Certificate evidencing Partnership Interests shall bear a conspicuous legend in substantially the following form or such other form as the General Partner shall determine in its sole discretion: THE HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF STEEL PARTNERS HOLDINGS L.P. THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IF SUCH TRANSFER WOULD (A) VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B) TERMINATE THE EXISTENCE OR QUALIFICATION OF STEEL PARTNERS HOLDINGS L.P. UNDER THE LAWS OF THE STATE OF DELAWARE, C) CAUSE STEEL PARTNERS HOLDINGS L.P. TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED), OR (D) CAUSE STEEL PARTNERS HOLDINGS L.P. TO BE SUBJECTED TO THE PROVISIONS OF THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED. STEEL PARTNERS HOLDINGS GP INC., THE GENERAL PARTNER OF STEEL PARTNERS HOLDINGS L.P., MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT RISK OF STEEL PARTNERS HOLDINGS L.P. BECOMING TAXABLE AS A CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES OR CAUSING STEEL PARTNERS HOLDINGS L.P. TO BE SUBJECTED TO THE PROVISIONS OF THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT OF ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS TRADED.

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