Company Funds and Property. All funds received by the Company will be utilized for Company purposes. Title to all property contributed to the Company or acquired by the Company shall be held in the name of the Company. No Member shall have any ownership interest in such property in its individual right, and each Member’s interest in the Company shall be personal property for all purposes. Until required for the Company’s business, all Company funds shall be deposited and maintained in such accounts in such financial institutions as shall be selected by the Board of Directors from time to time. Company funds shall not be commingled with the funds of any other Person.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Strategic Hotels & Resorts, Inc), Limited Liability Company Agreement (Strategic Hotels & Resorts, Inc), Limited Liability Company Agreement (Strategic Hotels & Resorts, Inc)
