Common use of Management by Board of Managers Clause in Contracts

Management by Board of Managers. The business and operations of the Company shall be managed by or under the direction of a Board of Managers, who shall be elected in accordance with this Section 10 (the “Board”). For purposes of this Agreement, each member of the Board shall be considered a “Manager” (as defined in § 18-101(10) of the Act); provided, however, that no Manager acting individually in his or her capacity as a Manager shall have the authority to bind the Board or the Company. Except as otherwise specifically set forth in this Agreement, the Board (without the consent or approval of the Member) shall have the right, authority, power and discretion to control, direct, manage and administer the business and affairs of the Company and to do all things necessary to carry on the businesses and purpose of the Company. The acts of the Board shall bind the Company when taken within the scope of the Board’s authority and discretion expressly granted hereunder.

Management by Board of Managers. The business and operations of the Company shall be managed by or under the direction of a Board of Managers, who shall be elected in accordance with this Section 10 (the “"Board”"). For purposes of this Agreement, each member of the Board shall be considered a “"Manager” " (as defined in § Section 18-101(10) of the Act); provided, however, that that, unless the Board is comprised of one (1) Manager, no Manager acting individually in his or her capacity as a Manager shall have the authority to bind the Board or the Company. Except as otherwise specifically set forth in this Agreement, the Board (without the consent or approval of the Member) shall have the right, authority, power and discretion to control, direct, manage and administer the business and affairs of the Company and to do all things necessary to carry on the businesses and purpose of the Company. The acts of the Board shall bind the Company when taken within the scope of the Board’s 's authority and discretion expressly granted hereunder.