Reversion. Section 12.2 of the Operating Agreement provides that if a Member is dissolved or loses its status as a qualified charitable organization, the undivided portion of the Net Asset Value of the Fund attributable to such Member’s then outstanding Units shall become the property of the Manager, or its successor, subject to all applicable laws. With the prior written approval of the Manager, such Member may recommend transfer of those Net Assets to another Unitarian Universalist organization.
Appears in 11 contracts
Samples: Subscription Agreement, Subscription Agreement, Subscription Agreement
