DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under the Act. Subject to Section 63.801 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) Chief Executive Member shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, Company or other Members under Section 15-20 of the Act. Subject to Section 63.801 of the Act, Members may maintain a derivative action to enforce a right of the CompanyCompany in accordance with Section 40-1 of the Act, provided the acting Member properly demands the Manager(sother Member(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) Chief Executive Member shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between among the Members prior to any Member bringing a direct action against under Section 10A-5A-9.01 of the Company, its Managers, or other Members under the ActLaw. Subject to Section 63.801 10A-5A-9.02 of the ActLaw, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(sother Member(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under the ActMembers. Subject to Section 63.801 00-00-000 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under the ActMembers. Subject to Section 63.801 23-18-8-1 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under Section 428-410 of the Act. Subject to Section 63.801 Part XI of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under Section 489.407 of the Act. Subject to Section 63.801 489.902 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) Chief Executive Member shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, Company or other Members under Section 428-410 of the Act. Subject to Section 63.801 of the Act, Members may maintain a derivative action to enforce a right of the CompanyCompany in accordance with Part XI of the Act, provided the acting Member properly demands the Manager(sother Member(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) Chief Executive Member shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, Company or other Members under Section 489.407 of the Act. Subject to Section 63.801 of the Act, Members may maintain a derivative action to enforce a right of the CompanyCompany in accordance with Section 489.902 of the Act, provided the acting Member properly demands the Manager(sother Member(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against under Section 10A-5A-9.01 of the Company, its Managers, or other Members under the ActLaw. Subject to Section 63.801 10A-5A-9.02 of the ActLaw, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under Section 15-20 of the Act. Subject to Section 63.801 40-1 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) Chief Executive Member shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between among the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under Section 322C.0901 of the Act. Subject to Section 63.801 322C.0902 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(sother Member(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, under Sections 47-34A-410 or other Members under 47-34A-1101 of the Act. Subject to Section 63.801 47-34A-1102 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 1 contract
Samples: Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under Section 00-00-000 of the Act. Subject to Section 63.801 00-00-000 and 79-29-1101 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 1 contract
Samples: Operating Agreement
DISPUTES OF MEMBERS. Disputes among Members will be decided by a majority vote. A Member has votes according to that Member’s percent of ownership interest (e.g., 11% ownership equals 11 votes). A majority vote is necessary for an action to take place. Any vote under this Section may occur, provided a quorum of the membership interests is present for the vote. In the event of a split vote among the Members, the Manager(s) shall cast a vote to break the tie. Members are required to vote on at least one (1) resolution that attempts to address and resolve the dispute between the Members prior to any Member bringing a direct action against the Company, its Managers, or other Members under Section 322C.0901 of the Act. Subject to Section 63.801 322C.0902 of the Act, Members may maintain a derivative action to enforce a right of the Company, provided the acting Member properly demands the Manager(s) to enforce the right of the Company, or the acting Member adequately declares with particularity that such demands are futile.
Appears in 1 contract
Samples: Operating Agreement