Limitation on Authority of Members. Neither Member, by virtue of being a Member, (i) is an agent of the Company or (ii) has authority to act for the Company. Any Member that purports to take any action or to bind the Company in violation of this Section 5.1 shall be solely responsible for any resulting loss and expense incurred by the Company and shall indemnify and hold the Company harmless with respect to any such loss and expense.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Uranium Energy Corp)
Limitation on Authority of Members. Neither No Member is an agent of the Company solely by reason of being a Member, and no Member has authority to act for the Company solely by virtue of being a Member, (i) is an agent of the Company or (ii) has authority to act for the Company. Any Member that purports to take any who takes action or to bind binds the Company in violation or breach of this Section 5.1 section shall be solely responsible for any resulting loss and and/or expense incurred by the Company as a result of such unauthorized action and shall indemnify indemnify, defend and hold harmless the Company harmless with respect to any such loss and and/or expense.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (American Sierra Gold Corp.), Limited Liability Company Agreement (American Sierra Gold Corp.)
