Xyz Limited Liability Company Operating Agreement Page 4
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28may from time to time designate.
2.5.
Registered Office and Agent: The Company's initial registered office shall
be at the office of its registered agent. The name of its initial registered agent shall be
Lee R. Phillips located at 279 N. University Avenue, Provo, UT 84601. The registered
office and registered agent may be changed by filing the address of the new registered
office and/or the name of the new registered agent with the State pursuant to the Act.
2.6.
Term: The Limited Liability Company shall commence on the date first
above written and shall continue for twenty (20) years, unless sooner terminated by law
or as herein provided.
2.7.
Amendments: This Operating Agreement may be amended upon the
unanimous vote of the Members. Each Member shall receive written Notice of any
amendment within thirty (30) days following the amendment.
ARTICLE III
RIGHTS AND DUTIES OF MANAGERS
3.1
Management. The Company shall be managed by the Managers, who
shall be elected to direct, manage and control the business of the Company. Except for
situations in which the approval of the Members is expressly required by this Operating
Agreement or by non-waivable provisions of the Act, the Managers shall have full and
complete authority, power and discretion to manage and control the business, affairs
and properties of the Company, to make all decisions regarding those matters and to
perform any and all other acts or activities customary or incident to the management of
the Company's business.
[or]
3.1
Management. The Company shall be managed by the Member-Managers,
who shall be elected to direct, manage and control the business of the Company. Except
for situations in which the approval of the Members is expressly required by this
Operating Agreement or by non-waivable provisions of the Act, the Member-Managers
shall have full and complete authority, power and discretion to manage and control the
business, affairs and properties of the Company, to make all decisions regarding those
matters and to perform any and all other acts or activities customary or incident to the
management of the Company's business. The Member-Managers shall herein be
referred to interchangeably as Member-Managers or simply as Managers.
[The first provision is for use when the Company shall be Manager-Managed. The second
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