Legal Incompetency definition

Legal Incompetency of an individual Member means a declaration of such Member’s incompetency, whether for insanity, age, disability or other reason, by a court of competent jurisdiction.
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Legal Incompetency of an individual Person means a determination of such individual’s incompetency, whether for insanity, age, disability or other reason. For this purpose, such determination shall be made by a duly licensed physician chosen by the Manager. If the Manager's competency is questioned, the other Members may select the determining physician. If such individual disputes such declaration, he may choose a second physician, and said two physicians shall choose a third physician, and the decision of the majority of said physicians as to the competency of such individual shall be binding on all parties. Each party shall bear the cost of the physician chosen by it and the parties shall split the cost of the third physician.
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Legal Incompetency of an individual Partner means a declaration of such Partner’s incompetency, whether for insanity, age, disability or other reason. For this purpose, such declaration shall be made by a duly licensed physician chosen by other Partners. If such Partner disputes such declaration, he may choose a second physician, and said two physicians shall choose a third physician, and the decision of the majority of said physicians as to the competency of such Partner shall be binding on all parties. Each party shall bear the cost of the physician chosen by it and the parties shall split the cost of the third physician.
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Examples of Legal Incompetency in a sentence

  • The death, Financial Insolvency, Legal Incompetency, withdrawal, retirement, resignation, expulsion or dissolution of any Member shall not of itself cause the dissolution of the Company.

  • Death, Dissolution, Legal Incompetency or Bankruptcy of a Limited Partner................................................

  • Death, Legal Incompetency, Bankruptcy or Dissolution of Limited Partner......................................................

  • Notwithstanding any provision herein to the contrary, at a meeting called expressly for that purpose, the General Partner may be removed at any time for any reason, with or 4824-1329-4339.8 without cause, by the unanimous vote of all Partners, and may be removed by reason of Legal Incompetency or willful misconduct or conviction of a felony as adjudicated by a court of competent jurisdiction.