Liabilities of Members. No Member shall be obligated to make capital contributions to the Company except as provided in Article III. No Member shall have any personal liability with respect to the liabilities or obligations of the Company except as provided in Article III. Failure of the Company to observe any formalities or requirements relating to the exercise of its powers or the management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for liabilities or obligations of the Company.
Appears in 4 contracts
Samples: Operating Agreement (Liquidmetal Technologies Inc), Operating Agreement (Liquidmetal Technologies Inc), Asset Purchase and Contribution Agreement (Liquidmetal Technologies Inc)
