General Authority and Power Clause Samples
The "General Authority and Power" clause defines the scope of authority granted to a party, typically empowering them to act on behalf of another entity or individual within specified limits. In practice, this clause may authorize an agent, representative, or officer to make decisions, enter into agreements, or perform actions necessary to fulfill the objectives of the contract or organization. Its core function is to clarify the extent of delegated powers, ensuring that all parties understand who is authorized to act and to what degree, thereby reducing the risk of unauthorized actions and potential disputes.
General Authority and Power. Except as otherwise provided in this Agreement, the General Partner will have exclusive management and control of the business of the Fund. In addition to the rights, powers, and authority granted elsewhere in this Agreement and by law, the General Partner will have the right, power, and authority to obligate and bind the Fund and, on behalf of and in the name of the Fund, to take any investment action of any kind and to do anything it deems necessary or advisable in pursuit of the Fund’s purposes, including, without limitation, the following:
7.1.1 To purchase, hold, sell, lend, borrow, or otherwise deal in those investment assets described in the Prospectus and to exercise all rights, powers, privileges, and other incidents of ownership with respect thereto; and to delegate the authority to engage in such activities as to some or all of the Fund’s assets to one or more investment managers;
7.1.2 To borrow funds on behalf of the Fund and to pledge and hypothecate assets of the Fund for such loans;
7.1.3 To open, maintain, conduct, and close accounts, including accounts with banks or other custodians for Fund assets, each as selected by the General Partner, and to draw checks or other orders for the payment of money by the Fund;
7.1.4 To transact business through broker-dealers, banks, and other persons (including Affiliates of the General Partner) selected by the General Partner;
7.1.5 To employ from time to time, at the expense of the Fund, persons required for the Fund’s business, including managers of managed futures accounts or other managers to manage any asset of the Fund, accountants, attorneys, investment advisers, financial consultants, and others, regardless of whether such persons also may be employed by the General Partner or its Affiliates; to enter into and exercise on behalf of the Fund, agreements and contracts with such persons on such terms and for such compensation as the General Partner determines to be reasonable; and to give receipts, releases, indemnities, and discharges with respect to all of the foregoing and any matter incident thereto as the General Partner may deem advisable or appropriate;
7.1.6 To engage in any transaction with the General Partner’s Affiliates;
7.1.7 To purchase, from or through others, contracts of liability, casualty, and other insurance which the General Partner deems advisable, appropriate, or convenient for the protection of the investment assets acquired by the Fund for any purpose convenient or benefic...
General Authority and Power. The Manager shall have the sole discretion to make investments on behalf of the Company and each Series and to exercise the powers set forth in this Section. The Manager may appoint such agents of the Company or a Series as the Manager deems necessary to hold such offices, exercise such powers and perform such duties as shall be determined from time to time by the Manager. The Manager shall devote so much of its time and effort to the affairs of the Company and each Series as, in its judgment, may be necessary to accomplish the purposes of the Company or the applicable Series. Nothing herein contained shall prevent the Manager or any of its employees, members, officers or affiliates from conducting any
General Authority and Power. Except as otherwise provided in this Agreement, the Manager has exclusive management and control of the business of AVGF and its Series to make all decisions affecting AVGF and its Series, and has the rights, power and authority granted hereunder and by law to obligate and bind AVGF and its Series, on behalf of and in the name of AVGF and its Series, to take any action of any kind and to do anything it deems necessary or advisable, including, without limitation, the following:
8.1.1 enter into, make and perform such contracts, agreements, joint ventures, Series spin-offs, co- investment vehicles and other undertakings, and to do such other acts as the Manager may deem necessary or advisable for, or as may be incidental to, the conduct of the business and furtherance of the purposes of AVGF and each Series;
8.1.2 consent to the assignment of Series Membership Interests to other persons or entities and consent to the admission of other persons or entities as a Member;
8.1.3 purchase liability and other insurance to protect AVGF, Members, the Manager, members of any Investment Committee, employees, properties and business;
8.1.4 execute any and all other instruments and documents that may be necessary or desirable to carry out the intent and purpose of this Agreement;
8.1.5 make any and all expenditures necessary or appropriate in connection with the management of the affairs of AVGF and its Series and the carrying out of its obligations and responsibilities, including, without limitation, all legal, accounting and other related expenses incurred in connection with the organization, financing, and operation of AVGF and its Series;
8.1.6 reimburse any Member, manager, affiliate or related person for any reasonable cost or expense incurred on behalf of AVGF or its Series and pre-approved by the Manager in a manner authorized by this Agreement;
8.1.7 to employ accountants, legal counsel, agents or other experts to perform services for the Manager, AVGF and its Series;
8.1.8 enter into any kind of activity necessary to, in connection with, or incidental to the accomplishment of the purposes of AVGF and its Series; and
8.1.9 generally, to possess and exercise any and all of the rights, powers and privileges of a Manager under the Act.
General Authority and Power. Subject to Section 2.6, and except as otherwise provided in this Agreement, the General Partner will have exclusive management and control of the business of the Partnership and will make all decisions affecting the Partnership and the Partnership’s assets. In addition to the rights, powers and authority granted elsewhere in this Agreement and by law, the General Partner will have the right, power and authority to obligate and bind the Partnership and, on behalf of and in the name of the Partnership, to take any action of any kind and to do anything it deems necessary or appropriate in pursuit of the Partnership’s purposes, subject to the provisions of this Agreement. Without limiting the generality of the foregoing, the General Partner is specifically authorized to cause the Partnership to:
7.1.1 7.1.2 7.1.3