Difference between revisions of "GlobalEdConnectKE"
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===5.Dispute Resolution:=== | ===5.Dispute Resolution:=== | ||
| − | * | + | *In the event of any dispute arising among the members relating to the affairs of the Company, the parties shall first attempt to resolve the dispute through good faith negotiations. |
| + | *Recognizing the varying ownership stakes of the members, if a dispute cannot be resolved through negotiations within 10 days, the parties agree to submit the dispute to mediation administered by a mutually agreed-upon mediator. | ||
| + | *Should mediation fail to resolve the dispute, the parties consent to submit to binding arbitration in accordance with the rules of the Kenyan Arbitration Association, with due consideration given to the respective ownership percentages of the members. | ||
Revision as of 02:57, 9 February 2024
GlobalEdConnectKE is the temporary name given to the company, which will focus on the development of a program aimed at empowering students and nurses to pursue international education opportunities as well as developing a service that will offer foreign visitors tours in Kenya with educational workshops. The company formed will be registered as an LLC (limited liability company).
Contents
Operating Agreement
1.Formation of the Company:
- The undersigned hereby form a Limited Liability Company (LLC) pursuant to the laws of the state of Kenya, under the name GlobalEdConnectKE - temporarily.
- The purpose of the Company shall be offer programs that will empower students and nurses to pursue international education opportunities as well as develop a service that will offer foreign visitors tours in Kenya with educational workshops.
- The principal place of business of the Company shall be located Eldoret, Kenya.
2.Membership:
- The Company shall initially have three members: The Economic Group, Kevin Mwangi and Sandra.
- Members shall hold unequal ownership interest in the Company, with The Economic Group 50% ownership, Kevin Mwangi 40% ownership and Sandra 10% ownership respectively.
- Membership interests shall not be transferable except as provided in this Agreement.
3.Property Management:
- Property acquired by the Company shall be managed by the members collectively.
- However, in matters concerning property management decisions, the member holding the majority of shares shall possess the authority to make final determinations.
- Major decisions regarding property management, including acquisition, disposition, or encumbrance of assets, shall ultimately be at the discretion of the member with the highest ownership stake.
- Membership interests may not be transferred or assigned without the prior written consent of all members.
- In the event that a member wishes to transfer or assign their membership interest, they must first offer the interest to the other members on the same terms and conditions as offered to any third party.
5.Dispute Resolution:
- In the event of any dispute arising among the members relating to the affairs of the Company, the parties shall first attempt to resolve the dispute through good faith negotiations.
- Recognizing the varying ownership stakes of the members, if a dispute cannot be resolved through negotiations within 10 days, the parties agree to submit the dispute to mediation administered by a mutually agreed-upon mediator.
- Should mediation fail to resolve the dispute, the parties consent to submit to binding arbitration in accordance with the rules of the Kenyan Arbitration Association, with due consideration given to the respective ownership percentages of the members.
