Form Il-00llc-1 - Llc Operating Agreement Page 5
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21shall 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.
(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 $_____________________.
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Parent category: Business