Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member. 5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 8 contracts
Samples: Operating Agreement (National Credit & Guaranty CORP), Operating Agreement (National Credit & Guaranty CORP), Operating Agreement (National Credit & Guaranty CORP)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no (a) No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. (b) This Section 5.1 Article 7 supersedes any authority granted to the Members pursuant to Section 412 of the ActLaw. Any non-manager Member who takes any action or binds the Company in violation of this Section 5.1 Article 7 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 7 contracts
Samples: Operating Agreement, Joint Venture Agreement, Joint Venture Agreement (Harrison Vickers & Waterman Inc)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 7 contracts
Samples: Operating Agreement (National Credit & Guaranty CORP), Operating Agreement (National Credit & Guaranty CORP), Operating Agreement (National Credit & Guaranty CORP)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who that takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 5 contracts
Samples: Operating Agreement (Golden Phoenix Minerals Inc), Securities Purchase Agreement (American International Ventures Inc /De/), Joint Venture Agreement (Vista Gold Corp)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no (i) No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. (ii) This Section 5.1 supersedes any authority granted to the Members pursuant to Section 1705.25(A) of the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 5 contracts
Samples: Operating Agreement (Miller Lloyd I Iii), Operating Agreement (Synergy Brands Inc), Operating Agreement (Miller Lloyd I Iii)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes Only the Manager is authorized to act for the Company, and no Member has any authority granted to act for the Members pursuant to the ActCompany unless such Member is also serving as Manager. Any Member who takes any action or binds the Company in violation of this Section 5.1 5.1.4 shall be solely responsible for any loss Loss, damage, liability and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss Loss, damage, liability or expense.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no A. No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. B. This Section 5.1 4.15 supersedes any authority granted to the Members pursuant to the LLC Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 section shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the such loss or expense.
Appears in 2 contracts
Samples: Operating Agreement (Laureate Ventures, Inc.), Operating Agreement (Laureate Ventures, Inc.)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no 5.1.3.1 No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. 5.1.3.2 This Section 5.1 supersedes any authority granted to the Members pursuant to Section 18-402 of the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 2 contracts
Samples: Operating Agreement (Madison Run, LLC), Operating Agreement (Madison Run, LLC)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 6.1 supersedes any authority granted to the Members pursuant to Section 17157 of the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 6.1 shall be solely responsible for any loss and or expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 2 contracts
Samples: Operating Agreement (Titan Corp), Operating Agreement (L-3 Communications InfraredVision Technology CORP)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 6.4 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 6.4 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with in respect to of the loss or expense.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Pc Tel Inc), Limited Liability Company Agreement (Centerpoint Properties Trust)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 8.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who that takes any action or binds the Company in violation of this Section 5.1 8.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Yellowcake Mining Inc.), Limited Liability Company Operating Agreement (Strathmore Minerals Corp.)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 8.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who that takes any action or binds the Company in violation of this Section 5.1 8.1 shall be solely responsible for any loss and expense incurred by the Company company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Strathmore Minerals Corp.), Limited Liability Company Operating Agreement (American Uranium Corp)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 6.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 6.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to Section 18-702 of the Act. Any Member who takes any , action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Limitation on Authority of Members. 5.1.4.16.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Membermember, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.26.1.4.2. This Section 5.1 6.1 supersedes any authority granted to the Members members pursuant to Section 401 of the ActLaw. Any Member who takes any action or binds the Company in violation of this Section 5.1 6.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one No Member, then no Member other than the Manager, is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 6.4 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 Article VI shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Phillips Edison Grocery Center Reit Ii, Inc.)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no (1) No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. (2) This Section 5.1 5(a) supersedes any authority granted to the Members pursuant to Section 18-302 of the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 5(a) shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (American Diversified Energy LLC)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to Section 17157 of the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Samples: Operating Agreement (O Gara Co)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify indemnify, and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Samples: Operating Agreement (National Credit & Guaranty CORP)
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no 5.5.1 No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. 5.5.2 This Section 5.1 5.5 supersedes any authority granted to the Members pursuant to the Act. Any Member who takes any action or binds the Company in violation of this Section 5.1 5.5 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Samples: Operating Agreement
Limitation on Authority of Members. 5.1.4.1. If and when the Company has more than one Member, then no Member No member is an agent of the Company solely by virtue of being a Member. Except as provided in this Agreement, no Member shall take part in the control, management, direction or operation of the Business of the Company, and shall have no Member has authority power to act for bind the Company solely by virtue of being in its capacity as a Member.
5.1.4.2. This Section 5.1 4.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who that takes any action or binds the Company in violation of this Section 5.1 4.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
Samples: Exploration, Development & Mine Operating Agreement (Crosshair Exploration & Mining Corp)
Limitation on Authority of Members. 5.1.4.1The Company is manager-managed. If and when the Company has more than one Member, then no No Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member.
5.1.4.2. This Section 5.1 supersedes any authority granted to the Members pursuant to the Act. Any Member who that takes any action or binds the Company in violation of this Section 5.1 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify indemnify, defend and hold the Company harmless with respect to the loss or expense.
Appears in 1 contract
