Examples of Class D Members in a sentence
The Class B and Class C and Class D Members acknowledge and confirm that their Membership Interests constitute securities that have not been registered under any federal or state securities laws by virtue of exemptions from the registration provisions thereof and consequently cannot be sold except pursuant to appropriate registration or exemption from registration as applicable.
Other than as expressly set forth herein, the Class B or Class C or Class D Members shall not have any right to take part in the management of the business or affairs of the Company or to act for or bind the Company, and the exercise by a Class B or Class C or Class D Member or its representative of the rights of such Class B or Class C or Class D Member under this Agreement or the Act shall not be deemed to be the conduct or control of the business of the Company.
In addition, the Class D Members shall be entitled to certain additional rights as expressly set forth in this Agreement.
The Foundation shall grandfather all existing Class D Members and Lots with the current rights and privileges, provided however, no new Members who purchase another class of Membership and own property in Quail West shall be allowed to choose the Class D Membership.
Interim and final liquidating distributions (“Distributions”) to the Class A Member, the Class B Member, the Class C Members and the Class D Members shall be made in accordance with this Section.