Rights of a Former Member. No Member shall have the right or power to resign or withdraw by voluntary act from the Company. If a Member shall cease to be a Member for any reason, and if the Company is not then dissolved, then, notwithstanding the terms of Section 18-604 of the Act, such former Member shall not thereby be entitled to receive the fair value of such former Member’s membership interest in the Company or any other payment or distribution except as specifically provided in this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Sidoti & Company, Inc.), Operating Agreement (Sidoti & Company, Inc.)
Rights of a Former Member. No Except as otherwise provided herein, no Member shall have the right or power to resign or withdraw by voluntary act from the Company. If a Member shall cease to be a Member for any reasonMember, and if the Company is not then dissolved, thenthen (i) such former Member shall be in breach of this Agreement, and (ii) notwithstanding the terms of Section 18-604 of the Act, such former Member shall not thereby be entitled to receive the fair value of such former Member’s membership interest in the Company or any other payment or any other distribution except as specifically provided in this Agreement.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement (Gallagher Arthur J & Co)
Rights of a Former Member. No Member shall have the right or power to resign or withdraw by voluntary act from the Company. If a Member shall cease to be a Member for any reasonMember, and if the Company is not then dissolved, thenthen (i) such former Member shall be in breach of this Agreement, and (ii) notwithstanding the terms of Section 18-604 of the Act, such former Member shall not thereby be entitled to receive the fair value of such former Member’s membership interest in the Company or any other payment or any other distribution except as specifically provided in this Agreement.
Appears in 1 contract
Rights of a Former Member. No Member shall have the right or power to resign or withdraw by voluntary act from the Company. If a Member shall cease to be a Member for any reasonMember, and if the Company is not then dissolved, then, notwithstanding the terms of Section 18-604 of the Act, such former Member shall not thereby be entitled to receive the fair market value of such former Member’s 's membership interest in the Company or any other payment or any other distribution except as specifically provided in this Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (American Realty Capital Healthcare Trust Inc)
