Series Shares definition
Examples of Series Shares in a sentence
The Trustees may, without Shareholder approval, authorize one or more Classes of Shares (which Classes may without Shareholder approval be divided by the Trustees into two or more Series), Shares of each such Class or Series having such preferences, voting powers and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Laws.
Upon receipt from the Transfer Agent of an advice setting forth the number of a Series' Shares received by the Transfer Agent for redemption and that such Shares are valid and in good form for redemption, the Custodian shall make payment to the Transfer Agent out of the moneys held for the account of such Series of the total amount specified in the Certificate issued pursuant to the foregoing paragraph 4 of this Article.
Upon issuance of any Series' Shares in accordance with the foregoing provisions of this Article, the Custodian shall pay, out of the money held for the account of such Series, all original issue or other taxes required to be paid by the Fund for the account of such Series in connection with such issuance upon the receipt of a Certificate specifying the amount to be paid.
Notwithstanding anything to the contrary herein, unless the Board shall determine otherwise in respect of one or more classes of Shares of a Series or as may be required by the Depository with respect to any specific class of Shares of a Series, Shares shall not be evidenced by physical Certificates.
Any attempted Transfer, other than in strict accordance with this section, shall be void, and any attempted Transfer of a portion of the Member’s Interest or Series Shares shall in all events be void.
Such quarterly fee shall be payable in arrears in an amount equal to such percentage of the aggregate net asset value of the Series' Shares held by such other party's customers or clients at the close of business each day as determined from time to time by the Distributor.
A Person shall be deemed admitted as a Series Member at the time the Person (A) executes a subscription agreement evidencing the purchase of Series Shares and such Person’s agreement to be bound by the terms of this Agreement, (B) pays the full purchase price for the Series Shares such Person is acquiring, and (C) is listed as a Series Member in the records of the Company.
The Member and a Series Member may not make an assignment, transfer or other disposition (voluntarily, involuntarily or by operation of law) (a “Transfer”) of the Member’s Interest or such Series Member’s Series Shares, or pledge, mortgage, hypothecate, grant a security interest in, or otherwise encumber (an “Encumbrance”) the Member’s Interest or such Series Shares, without the prior consent of the Manager, which the Manager may grant or withhold in its sole and absolute discretion.
The amount paid by a Series Member for its Series Shares shall be such Series Member’s Capital Contribution to such Series.
A Person to whom the Member’s Interest or the Series Shares is Transferred may be admitted to the Company as the Member or to a Series as a Series Member only as provided for by Section 4.1(a) and this Section 4.1(b).