I’m not sure what the legalities are, but it seems wrong to me that a member’s shares could be cancelled (forfeited) without them signing some kind of acknowledgement/consent.
CAS360 does not provide this kind of document so I always draft one myself. Maybe it’s not required but it seems like best practice to me, particularly if the business owners are unrelated.
I’m interested to hear others’ thoughts about this. Is it a document that should be included in CAS360?