Status of Assignor. If there is a transfer or assignment of a Member’s interest in the Company, then, without regard to whether or when such assignee or transferee is admitted as a Member of the Company, from and after the effective date of such assignment or transfer, the assigning or transferring Member shall cease to be a Member with respect to the transferred or assigned interest; and if such Member has transferred or assigned his entire membership interest in the Company, upon the effective date of such transfer or assignment, such Member shall cease to be a Member of the Company.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement (Sidoti & Company, Inc.), Operating Agreement (Gallagher Arthur J & Co)
Status of Assignor. If there is a transfer or assignment of a Member’s interest in the Company, then, without regard to whether or when such assignee or transferee is admitted as a Member of the Company, from and after the effective date of such assignment or transfer, the assigning or transferring Member shall cease to be a Member with respect to the transferred or assigned interest; and if such Member has transferred or assigned his or her entire membership interest in the Company, upon the effective date of such transfer or assignment, such Member shall cease to be a Member of the Company.
Appears in 1 contract
