Limited Liability Company Operating Agreement For An Arizona Llc Page 5
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15(b)
TERM
OF
OFFICE/ELECTION.
The
Members
shall
elect
the
officers
of
the
LLC
annually
by
a
majority
vote.
Vacancies
may
be
filled
or
new
offices
created
and
filled
at
any
meeting
of
the
Members.
All
officers
shall
hold
their
office
positions
unless
until
their
death,
removal
of
office,
or
resignation.
Election
or
appointment
of
an
officer
or
agent
shall
n ot
o f
i tself
c reate
a
c ontract
r ight.
(c)
REMOVAL.
The
Members
may
decide
to
remove
any
officer
or
agent
b y
a
m ajority
v ote
w henever
t hey
d ecide
t hat
t he
b est
interest
of
the
company
would
be
served
thereby.
If
a
officer
or
agent
is
removed,
it
shall
be
without
prejudice
to
the
c ontract
r ights.
(d)
PRESIDENT.
The
President
shall
be
the
chief
executive
officer
of
the
LLC
and
shall
be
present
at
all
meetings
of
the
Members.
The
president
shall
have
all
powers
to
perform
such
d uties
t hat
a re
o utlined
i n
t his
A greement.
(e)
THE
TREASURER.
The
Treasurer
shall
be
the
chief
financial
officer
o f
t he
L LC.
T he
T reasurer
i s
r esponsible
f or
a ll
f unds
and
s ecurities
o f
t he
L LC.
T he
T reasurer
s hall
p reside
a t
t he
meeting
of
the
Members
when
the
President
is
absent.
The
treasurer
must
receive
and
give
receipts
for
moneys
due
and
p ayable
t o
t he
L LC
f rom
a ny
m oney
s ource
w hatsoever,
and
deposit
all
such
moneys
in
the
name
of
the
LLC
in
any
such
money
institution,
which
shall
be
selected
by
the
Members
o f
t he
L LC.
T he
T reasurer
s hall
p erform
a ll
o ther
duties
t hat
m ay
b e
a ssigned
t o
t he
o ffice
o f
t reasurer
b y
t he
President
o r
b y
t he
M embers
o f
t he
L LC.
(f)
SECRETARY.
The
Secretary
shall
keep
a
time
log
of
the
Members
meetings
in
a
file
provided
for
that
purpose
and
also
see
that
all
notices
are
duly
given
in
accordance
with
the
p rovisions
o f
t his
A greement
o r
a s
r equired
b y
l aw.
T he
Secretary
shall
have
custody
of
the
LLC
records,
addresses
of
M embers,
M ember’s
r esolutions,
a nd
o ther
d ocuments
t o
the
LLC
as
true
and
correct.
The
Secretary
shall
preside
at
the
meetings
of
the
Members
in
the
absence
of
the
President
and
Treasurer
and
also
perform
all
other
duties
that
may
be
assigned
to
the
office
of
secretary
by
the
President
o r
b y
t he
M embers
o f
t he
L LC.
(g)
VACANCIES.
A
vacancy
is
any
office
because
of
death,
resignation,
r emoval,
a nd
d isqualification
o r
o therwise
m ay
be
filled
by
the
Members
for
the
unexpired
portion
of
the
term.
XIII.
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)
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