Form Sc-00llc-1 - Llc Operating Agreement Page 4
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20d)
Except for decisions concerning distributions, any Manager can take any
appropriate action on behalf of the LLC, including, but not limited to signing checks,
executing leases, and signing loan documents.
e)
In determining the timing and total amount of distributions to the Members, the
action of the Manager shall be based on a majority vote of the Managers, with or without
a meeting.
f)
The compensation to the Manager(s) shall be in the discretion of the majority of
the Members of the LLC.
g)
There shall be _________ initial Managers.
h)
The initial Manager(s) is/are:
_________________________________________________________
_________________________________________________________
_________________________________________________________
10.
Officers and Relating Provisions. In the event the Members elect to manage the LLC,
rather than appointing a manager, the Members shall appoint officers for the LLC and the
following provisions shall apply:
(a)
Officers. The officers of the LLC shall be members and shall consist of a
president, a treasurer and a secretary, or other officers or agents as may be elected and
appointed by the Members. A Member may hold more than one or all offices. The
officers shall act in the name of the LLC and shall supervise its operation under the
direction and management of the Members, as further described below.
(b)
Election and Term of Office. The officers of the LLC shall be elected annually by
the Members by a majority vote. Vacancies may be filled or new offices created and
filled at any meeting of the Members. Each officer shall hold office until his/her death,
until he/she shall resign, or until he/she is removed from office. Election or appointment
of an officer or agent shall not of itself create a contract right.
(c)
Removal. Any officer or agent may be removed by a majority of the Members
whenever they decide that the best interests of the Company would be served thereby.
Such removal shall be without prejudice to the contract rights, if any, of the person so
removed.
(d)
Vacancies. A vacancy is any office because of death, resignation, removal,
disqualification or otherwise may be filled by the Members for the unexpired portion of
the term.
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Parent category: Business