SALE/TRANSFER OF MEMBERSHIP Sample Clauses

SALE/TRANSFER OF MEMBERSHIP. A Member’s status as a Member may be sold or transferred to a non-Member only fol- lowing a period of six (6) months of the origination date of such initial Member, and in all cases subject to the approval of Velovita in its sole and absolute discretion. A completed and notarized Sales/Transfer form is to be submitted to the Velovita Support Depart- ment. The Company discourages the sale of Membership and the transfer of partial interest in Membership, and prohibits the practice of partnerships as a subterfuge for transferring interest in Membership. If a Member wishes to sell, transfer, or assign (hereinafter in this “sell” if used as a verb and “sale” if used as a noun) his or her whole or partial interests in a Velovita Membership the following criteria must be met: • The Membership being sold must belong to an active Member who has main- tained such active Member status for a minimum of six (6) months immediately prior to the time the request for sale is made; • The acquiring Member may not currently have a Beneficial Interest in any Mem- bership or have had a Beneficial Interest in any Membership within the preced- ing six (6) months of such contemplated transfer; • The selling Member may not reapply to become a Member for a period of not less than six (6) months following the sale; • Velovita has approved the sale in writing; Velovita has the right to amend this rule at any time in its sole and absolute discretion.
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SALE/TRANSFER OF MEMBERSHIP. Va’a must approve in writing the assignment of the Agreement to another person or entity as part of any sale or transaction. An Ambassador account may be sold or transferred to another person or entity only following a period of six (6) months of the origination date. A completed and notarized Sales/Transfer form is to be submitted to the Compliance Department. When such transfer/sales form is approved and accepted by Va’a, any group volume previously accumulated will be removed. Va’a reserves the right to refuse an assignment in its sole discretion. The Company discourages the sale of Ambassador accounts and the transfer of partial interest in Ambassador accounts, and prohibits the practice of partnerships as a subterfuge for transferring interest in Ambassador accounts. If an Ambassador wishes to sell, transfer, or assign (hereinafter in this section "sell" if used as a verb and "sale" if used as a noun) his or her whole or partial interests in an Ambassador account, Va’a would only consider the matter if the following criteria is met:
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Related to SALE/TRANSFER OF MEMBERSHIP

  • Transfer of Membership Membership shall not be transferred except with the approval and consent of the Board of Managers and in accordance with the Capital Units Transfer System.

  • Transfer of Membership Interest The Sole Member may Transfer any part or all of its rights and interest (including, but not limited to, its Capital Account) in the Company (each a “Membership Interest”) now owned or hereafter acquired to any Person, and the transferee of such Membership Interest shall become a Member of the Company.

  • Transfer of Interest The Interest is personal property and may be transferred or assigned, in whole or in part, as permitted by the Equityholders Agreement, in the sole discretion of the Member. Notwithstanding anything to the contrary set forth herein, no Interest in the Company may be issued, transferred or pledged in any manner whatsoever except in compliance with all applicable Gaming Licenses and Gaming Laws, except as contemplated by Section 9.2.

  • Transfer of Shares Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

  • Permitted Transfers Within Escrow 5.1 Transfer to Directors and Senior Officers

  • Termination of Membership You may terminate your membership by giving us written notice or by withdrawing your minimum required membership share(s), if any, and closing all your accounts. You may be denied services for causing a loss to the Credit Union, or you may be expelled for any reason as allowed by applicable law.

  • Transfer of Business Where a transfer of business occurs, an Employee who worked with the old employer and who continues in the service of the new employer will be entitled to count her/his service with the old employer as service with the new employer for the purposes of this clause.

  • Permitted Transfers The provisions of Section 8.1 shall not apply to (a) a transfer or an assignment of this Lease in connection with the sale of substantially all the original Tenant’s assets if: (I) such sale of assets occurs on an arms’-length basis, to an unrelated third party, and is for a bona fide business purpose and not primarily to transfer Tenant’s interest in this Lease; and (II) upon the consummation of the transfer or assignment, the transferee or assignee is, in the sole, but reasonable determination of Landlord (and its lender, if applicable), capable of satisfying all of Tenant’s obligations hereunder; (b) an assignment of this Lease to a successor to Tenant by merger, consolidation, reorganization or similar corporate restructuring or to an entity that controls, is controlled by, or is under common control with, Tenant; or (c) a subletting of the Premises or any part thereof. In the case of an assignment or sublease that is expressly permitted pursuant to (a) or (c) of this Section 8.3, Tenant shall nevertheless be required to provide Landlord with notice of such assignment or sublease and a true and complete copy of the fully-executed documentation pursuant to which the assignment or sublease, as applicable, has been effectuated within ten (10) business days after the effective date of such assignment or sublease. Any permitted transferee under (a) of this Section 8.3 shall execute and deliver to Landlord any and all documentation reasonably required by Landlord in order to evidence assignee’s assumption of all obligations of Tenant hereunder and to evidence the assignee’s compliance (or ability to comply) with (a)(II) above. Notwithstanding anything to the contrary contained in this Section 8.3, in no event may Tenant assign, mortgage, transfer, pledge or sublease this Lease to any entity whatsoever if, at the time of such assignment, mortgage, transfer, pledge or sublease, a Default has occurred and remains continuing under this Lease.

  • Suspension of Membership 1. If a member fails to fulfill any of its obligations to the Bank, the Board of Governors may suspend such member by a Super Majority vote as provided in Article 28.

  • Employee Transfers In the event an Employee is transferred between Participating Employers, accumulated service and eligibility shall be carried with the Employee involved. No such transfer shall effect a termination of employment hereunder, and the Participating Employer to which the Employee is transferred shall thereupon become obligated hereunder with respect to such Employee in the same manner as was the Participating Employer from whom the Employee was transferred.

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