Substitute Member. No Person taking or acquiring, by whatever means, the Interest of any Member, shall be admitted as a Substitute Member without the prior approval of the Board of Managers at the time the proposed Transfer is being considered for approval. In addition, no Person shall be admitted as a Substitute Member unless such Person: (a) Elects to become a Substitute Member by delivering notice of such election to the Company; and (b) Executes, acknowledges and delivers to the Company such other instruments as the Board of Managers may deem necessary or advisable to effect the admission of such Person as a Substitute Member, including, without limitation, the written acceptance and adoption by such Person of the provisions of this Agreement.
Appears in 5 contracts
Samples: Operating Agreement (Viking Energy Group, Inc.), Operating Agreement (Viking Energy Group, Inc.), Operating Agreement (Viking Energy Group, Inc.)
