Form Sc-00llc-1 - Llc Operating Agreement Page 5
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20(e)
President. The President shall be the chief executive officer of the LLC and shall
preside at all meetings of the Members. The President shall have such other powers and
perform such duties as are specified in this Agreement and as may from time to time be
assigned by the Members of the LLC.
(f)
The Treasurer. The Treasurer shall be the chief financial officer of the LLC. The
Treasurer shall not be required to give a bond for the faithful discharge of his/her duties.
The Treasurer shall: (i) have charge and custody of and be responsible for all funds and
securities of the LLC; (ii) in the absence of the President, preside at meetings of the
Members; (iii) receive and give receipts for moneys due and payable to the LLC from
any source whatsoever, and deposit all such moneys in the name of the LLC in such
banks, trust companies or other depositaries as shall be selected by the Members of the
LLC; and (iv) in general perform all the duties incident to the office of treasurer and such
other duties as from time to time may be assigned by the President or by the Members of
the LLC.
(g)
Secretary. The secretary shall: (i) keep the minutes of the Members meetings in
one or more books provided for that purpose; (ii) see that all notices are duly given in
accordance with the provisions of this Agreement or as required by law; (iii) be custodian
of LLC records; (iv) keep a register of the post office address of each Member; (v) certify
the Member’s resolutions; and other documents to the LLC as true and correct; (vi) in the
absence of the President and Treasurer, preside at meetings of the Members and (vii) in
general perform all duties incident to the office of secretary and such other duties as from
time as may be assigned by the President or the Members.
11.
Member Only Powers. Notwithstanding any other provision of this Agreement, only a
majority of the Members may: (a) sell or encumber (but not lease) any real estate owned by the
LLC, or (b) incur debt, expend funds, or otherwise obligate the LLC if the debt, expenditure, or
other obligation exceeds $_____________________.
ARTICLE IV
CONTRIBUTIONS, PROFITS, LOSSES, AND DISTRIBUTIONS
12.
Interest of Members. Each Member shall own a percentage interest (sometimes referred
to as a share) in the LLC. The Member’s percentage interest shall be based on the amount of
cash or other property that the Member has contributed to the LLC and that percentage interest
shall control the Member’s share of the profits, losses, and distributions of the LLC.
13.
Contributions. The initial contributions and initial percentage interest of the Members
are as set out in this Agreement.
14.
Additional Contributions. Only a majority of the Members of the LLC may call on the
Members to make additional cash contributions as may be necessary to carry on the LLC's
business. The amount of any additional cash contribution shall be based on the Member's then
existing percentage interest. To the extent a Member is unable to meet a cash call, the other
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Parent category: Business