Fiduciary Duty; Devotion of Time; Compensation; Conflict of Interest Policy. Each Member shall exercise his or her powers and discharge his or her duties in good faith with a view to the interests of the Company and its Members with that degree of diligence, care and skill that ordinarily prudent persons would exercise under similar circumstances in like positions. Each Member shall devote so much of his or her time to the business of the Company as the requirements of such business may dictate from time to time. No Member shall be compensated for his services to the Company, except as is expressly provided in the Agreement, but each Member shall be entitled to charge the Company, or to be reimbursed by the Company, for all reasonable out of pocket expenses actually incurred by him or her and paid to third parties in connection with the Company business. Members will avoid situations that present an actual or potential conflict between their interest and those of the Company. A conflict of interest arises where a Member or a member of his or her immediate family, has a legal or beneficial interest, whether direct or indirect, as a member, owner, director, officer, volunteer or paid professional, lessor, broker or investor in an enterprise or has a special, personal, business or family relationship with an enterprise:
Fiduciary Duty; Devotion of Time; Compensation; Conflict of Interest Policy. Each Member shall exercise his or her powers and discharge his or her duties in good faith with a view to the interests of the Company and its Members with that degree of diligence, care and skill that ordinarily prudent persons would exercise under similar circumstances in like positions. Each Member shall devote so much of his or her time to the business of the Company as the requirements of such business may dictate from time to time. No Member shall be compensated for his services to the Company, except as is expressly provided in this Operating Agreement, but each Member shall be entitled to charge the Company, or to be reimbursed by the Company, for all reasonable out of pocket expenses actually incurred by him or her and paid to third parties in connection with the Company business.
Fiduciary Duty; Devotion of Time; Compensation; Conflict of Interest Policy. Each Member shall exercise his or her powers and discharge his or her duties in good faith with a view to the interests of the Company and its Members with that degree of diligence, care and skill that ordinarily prudent persons would exercise under similar circumstances in like positions. Each Member shall devote so much of his or her time to the business of the Company as the requirements of such business may dictate from time to time. No Member shall be compensated for his/her services to the Company, except as is expressly provided in this Agreement, but each Member shall be entitled to charge the Company, or to be reimbursed by the Company, for all reasonable out of pocket expenses actually incurred by him or her and paid to third parties in connection with the Company business that was prior approved by the 2/3’s of the Management Committee. Members will avoid situations that present an actual or potential conflict between their interest and those of the Company. A conflict of interest arises where a Member, or a member of his or her immediate family, has a legal or beneficial interest, whether direct or indirect, as a member, owner, director, officer, volunteer or paid professional, lessor, broker or investor in an enterprise or has a special, personal, business or family relationship with an enterprise:
