Initial Managing Member Sample Clauses
The 'Initial Managing Member' clause designates the individual or entity who will serve as the first managing member of a limited liability company (LLC) upon its formation. This clause typically identifies the person or organization by name and may outline their initial powers and responsibilities, such as overseeing daily operations or making key business decisions until further members are appointed or a new manager is elected. Its core function is to establish clear leadership and authority at the outset of the LLC, ensuring smooth management and decision-making from the company's inception.
Initial Managing Member. The Members, by executing this Agreement, have voted to elect Sunterra Developer and Sales Holding Company as the initial Managing Member of the Company. Henceforth, the Managing Member shall have the obligation to manage the business and affairs of the Company and shall therefore have the right to vote and therefore participate in all decisions concerning the business and affairs of the Company. Except as otherwise set forth herein, other than electing the initial Managing Member, the current and/or future Non-managing Members shall not have any additional right to vote and therefore shall not participate in any decisions concerning the business and affairs of the Company.
Initial Managing Member. Rights and Powers of Managing Member.*
Initial Managing Member. The initial Managing Member of the Company shall be Venture Inc. From and after the Effective Time of the Conversion, the Managing Member shall be Westech.