Laserfiche WebLink
8.2 Notice of Expulsion. Upon the occurrence of an event described in this Section, <br /> written notice of expulsion may be given to the violating Member pursuant to Section 7.2 with an <br /> indication that the Remaining Members have elected to purchase the Membership Interest of the <br /> violating Member. Upon such notice,the violating Member shall be considered expelled,and shall <br /> have no further rights as a Member of the Company, except to receive the amounts to which he or <br /> she is entitled under Sections 7.3,subject however to any damages that may have arisen for violation <br /> of this Operating Agreement. <br /> IX <br /> BANKRUPTCY OF A MEMBER <br /> 9.1 Bankruptcy Defined. A Member shall be considered"bankrupt"if the Member files <br /> a petition in bankruptcy(or an involuntary petition in bankruptcy is filed against the Member and the <br /> petition is not dismissed within sixty(60)days)or makes an assignment for the benefit of creditors <br /> or otherwise institutes any proceeding or enters into any agreement for compounding his or her debts <br /> other than by the payment of them in the full amount thereof, or is otherwise regarded as insolvent <br /> under any Colorado insolvency act. <br /> 9.2 Effective Date for Bankruptcy. Upon the occurrence of an event described in this <br /> Section,written notice may be given to the bankrupt Member,or by the bankrupt Member pursuant <br /> to Section 7.2 above. Upon such notice, the bankrupt Member shall have no further rights as a <br /> Member of the Company,except to receive the amounts to which he or she is entitled under Sections <br /> 7.3 or 7.4. <br /> X <br /> RETIREMENT OR RESIGNATION OF A MEMBER <br /> 10.1 Right to Retire or Resign. A Member shall have the right, at any time,to retire or <br /> resign as a Member of the Company by giving the notice stated in Section 7.2 above. Upon such <br /> notice, the retired or resigned Member shall have no further rights as a Member of the Company, <br /> except to receive the amounts to which he or she is entitled under Sections 7.3 or 7.4. <br /> XI <br /> DEATH OF A MEMBER <br /> 11.1 Death of a Member. Upon the death of a Member, or upon the dissolution of any <br /> entity owning a Membership Interest,the deceased or dissolved Member's rights as a Member of the <br /> Company shall cease and terminate except as provided in this Article XI. <br /> 11.2 Consequence of Death. Upon the death or dissolution of a Member,notice shall be <br /> given as provided in Section 7.2. Upon such notice, the deceased Member shall have no further <br /> rights as a Member of the Company, except to receive the amounts to which he or she is entitled <br /> under Sections 7.3 or 7.4., except in the event the Company has life insurance on the decedent, in <br /> which event the amount and method of payment for the Membership Interest of the deceased <br /> Member will be as provided in Section 11.3. <br /> 12 <br />