Common use of Limitation on Officers’ Authority Clause in Contracts

Limitation on Officers’ Authority. The President shall have the authority to make expenditures of Five Thousand Dollars ($5,000.00) or less in conducting the day-to-day operations of the Company without obtaining the prior approval of the Board. However, all “Major Decisions” involving the Company and/or the conduct and operation of its business and affairs shall require the approval of the Board. For the purposes of this Agreement, the term Major Decisions shall include: (i) the purchase of any asset by the Company, the purchase price of which exceeds Five Thousand Dollars ($5,000.00); (ii) the making of any loan by the Company; (iii) the sale, mortgage or other disposition or encumbrance of any Company asset, the sales price or proceeds of which exceeds Five Thousand Dollars ($5,000.00); and (iv) any other act or transaction that requires the approval or consent of the Members.

Limitation on Officers’ Authority. The President shall have the authority to make expenditures of Five Thousand Dollars ($5,000.00) or less in conducting the day-to-day operations of the Company without obtaining the prior approval of the Board. However, all “"Major Decisions” " involving the Company and/or the conduct and operation of its business and affairs shall require the approval of the Board. For the purposes of this Agreement, the term Major Decisions shall include: (i) the purchase of any asset by the Company, the purchase price of which exceeds Five Thousand Dollars ($5,000.00); (ii) the making of any loan by the Company; (iii) the sale, mortgage or other disposition or encumbrance of any Company asset, the sales price or proceeds of which exceeds Five Thousand Dollars ($5,000.00); and (iv) any other act or transaction that requires the approval or consent of the Members.