Liability of Members and Managers. Neither the Members nor any Manager shall be liable as Members or Managers for the liabilities of the Company. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any Member or Manager for liabilities of the Company.
Appears in 2 contracts
Samples: Omnibus Agreement, Omnibus Agreement (First American Corp)
Liability of Members and Managers. Neither the Members Member nor the Managers shall have any Manager shall be liable as Members or Managers liability for the liabilities of the Company. The failure of the Company to observe any formalities debts, obligations or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any Member or Manager for liabilities of the Company.
Appears in 1 contract
Liability of Members and Managers. Neither the Members nor any Manager manager shall be liable as Members or Managers have any liability for the obligations or liabilities of the Company. The failure of the Company to observe any formalities or requirements relating except to the exercise of its powers extent provided herein or management of its business or affairs under this Agreement or in the Act shall not be grounds for imposing personal liability on any Member or Manager for liabilities of the CompanyAct.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Community Health Investment CORP)
