Appointment and Removal of Directors. Except as otherwise expressly provided in this Agreement, the Articles of Organization or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by a Board of Directors (the “Board”), each of whom shall be appointed by the Member. Any Director may be removed at any time with or without cause by the Member.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Duke Power CO LLC)
Appointment and Removal of Directors. Except as otherwise expressly provided in this Agreement, the Articles of Conversion and Articles of Organization or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by a Board of Directors (the “"Board”"), each of whom shall be appointed by the Member. Any Director may be removed at any time with or without cause by the Member. Upon the removal of a Director, such Director shall cease to be a “manager” (within the meaning of the Act).
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Duke Energy Progress, Llc.)
Appointment and Removal of Directors. Except as otherwise expressly provided in this Agreement, the Articles of Organization or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by a Board of Directors (the “Board”), each of whom shall be appointed by the Member. Any Director may be removed at any time with or without cause by the Member. Upon the removal of a Director, such Director shall cease to be a “manager” (within the meaning of the Act).
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Duke Energy Indiana, LLC)
Appointment and Removal of Directors. Except as otherwise expressly provided in this Agreement, the Articles of Conversion and Articles of Organization or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by a Board of Directors (the “"Board”"), each of whom shall be appointed by the Member. Any Director may be removed at any time with or without cause by the Member. Upon the removal of the Director, such Director shall cease to be a “manager” (within the meaning of the Act).
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Duke Energy Progress, Llc.)
Appointment and Removal of Directors. Except as otherwise expressly provided in this Agreement, the Articles of Organization or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by a Board of Directors (the “"Board”"), each of whom shall be appointed by the Member. Any Director may be removed at any time with or without cause by the Member. Upon the removal of a Director, such Director shall cease to be a "manager" (within the meaning of the Act).
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Duke Energy Florida, Llc.)
