Form Il-00llc-1 - Llc Operating Agreement Page 4
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218.
Additional Members. New members may be admitted only upon the consent
of a majority of the Members and upon compliance with the provisions of this agreement.
ARTICLE III
MANAGEMENT
9.
Management. The Members have elected to manage the LLC as follows:
[ ] The management of the LLC shall be vested in the Members without an
appointed manager. The members shall elect officers who shall manage the company. The
President and Secretary may act for and on behalf of the LLC and shall have the power and
authority to bind the LLC in all transactions and business dealings of any kind except as
otherwise provided in this Agreement.
[ ] The Members hereby delegate the management of the LLC to Manager(s),
subject to the limitations set out in this agreement.
a) The Members shall elect and may remove the Manager(s) by majority
vote.
b) A Manager shall serve until a successor is elected by the Members.
c) The Manager(s) shall have the authority to take all necessary and proper
actions in order to conduct the business of the LLC.
d) 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 Managers 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 consist of a president, a treasurer
and a secretary, or other officers or agents as may be elected and appointed by the Members.
Members may hold more than one office. The officers shall act in the name of the LLC and
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Parent category: Business