Rights of Unadmitted Assignees. (a) A Person who acquires one or more Interests but who is not admitted as a Substituted Member in accordance with this Agreement shall be entitled only to allocations and distributions with respect to such Interest in accordance with this Agreement, shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to participate in the management of the Company, shall not be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Member under the Act or this Agreement (collectively, the "Non-Economic Rights").
Appears in 3 contracts
Samples: Operating Agreement (Corning Natural Gas Corp), Operating Agreement (Corning Natural Gas Corp), Operating Agreement
Rights of Unadmitted Assignees. (a) A Person who acquires one or more Interests Shares in a Permitted Transfer or in any other Transfer to which the Board of Managers consents, but who is not admitted as a Substituted substituted Member in accordance with this Agreement pursuant to Section 9.7 hereof, shall be entitled only to allocations and distributions with respect to such Interest Shares in accordance with this Agreement, and shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to participate in the management of the Company, shall not be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Member under the Act or this Agreement (collectively, the "Non-Economic Rights")Agreement.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (New England Realty Associates Limited Partnership)
Rights of Unadmitted Assignees. (a) A Person who acquires one an Interest or more Interests any portion of an Interest, but who is not admitted as a Substituted substituted Member in accordance with this Agreement pursuant to Section 9.2 hereof, shall be entitled only to allocations and distributions with respect to such Interest in accordance with this Agreement, but shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to participate in the management of the Company, shall not be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Member under the Act or this Agreement (collectively, the "Non-Economic Rights")Member.
Appears in 1 contract
Samples: Operating Agreement
