Write short note on termination of membership.
Answers
Termination of Membership. If for any reason the membership of a Member is terminated as provided in this Agreement or the Act, the Member whose membership has terminated loses all Membership Voting Interests and shall be considered merely an unadmitted Assignee of the Membership Economic Interest owned before the termination of membership, having only the rights provided for unadmitted Assignees in Section 9.7 hereof. No Member whose membership in the Company terminates, not any transferee of such Member, shall have any right to demand or receive a return of such terminated Members Capital Contributions or to require the purchase or redemption of the Members Membership Interest. The other Members and the Company shall not have any obligation to purchase or redeem the Membership Interest of any such terminated Member or transferee of any such terminated Member.
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