Management Duties and Restrictions. The partners shall have equal rights in the management of the partnership business, and each partner shall devote the required time to the conduct of the business. Without the consent of the other partner, neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business; i.e., the intellectual property.
Management Duties and Restrictions. Except as otherwise provided herein, management of the business and affairs of the Partnership shall be vested exclusively in the General Partner. A Limited Partner shall not “participate in the control” of the business of the Partnership, as described in Section 303 of the Act. A Limited Partner (who is not also a General Partner) shall not transact business in the Partnership’s name or on its behalf or have the power to sign documents for or otherwise bind the Partnership.
Management Duties and Restrictions. 13 9.1 Management . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management Duties and Restrictions. (a) The Company shall from time to time elect one or more managers who may or may not be a Member (herein a “Manager”) to whom management of the Company’s business shall be delegated. The Members hereby elect AKGI as the Manager to serve until removed by the Members. The Manager shall have the power on behalf of the Company to take all actions which the Manager deems necessary, useful or appropriate for the management and conduct of the Company’s business, provided, however, the Manager shall not have the power to make “Major Decisions” (as defined below) without the consent of a majority of the Members. Any document of any kind or nature signed by any Manager shall be fully binding on the Company and third parties may rely on such without further inquiry.
(b) Notwithstanding the Manager’s powers, the following matters shall constitute “Major Decisions” and shall require an affirmative written majority vote by or on behalf of all of the Members:
(1) Proposal or adoption of an amendment to this Agreement;
(2) Modify the rights and powers of a Member;
(3) Modify the method of determining, allocating or distributing the Company’s income, deductions and credits;
(4) Continue the Company upon a Terminating Event (as defined herein);
(5) Approve the issuance or sale of additional Units;
(6) Cause any sale, exchange or other disposition of the Company’s property, other than in the ordinary course of business; and
(7) Borrow in excess of $100,000.00, whether on a secured or unsecured basis.
(c) Except as provided herein, all Members shall have proportionate rights in the management of the Company. No Member shall, without the authority hereunder, endorse any note or act as an accommodation party, or otherwise become surety for any person in any transaction involving the Company. Without the authority hereunder, no Member shall on behalf of the Company borrow or lend money, or make, deliver or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or on behalf of the Company. No Member shall, except with the authority hereunder, mortgage or grant a security interest in his or its share in the Company or in the Company’s capital assets or property, or do any act detrimental to the best interests of the Company or which would make it impossible to carry on the ordinary purpose of the Company.
(d) The Manager shall be reimbursed for all costs and expens...
Management Duties and Restrictions. 6 4.1. Management..................................................................................... 6 4.2. Conversion of Status as Managing Member........................................................ 7 4.3. Liability of Members to the Company and the Other Members...................................... 7 4.4. Restrictions on the Members.................................................................... 7 4.5. Additional Restrictions on Non-Managing Members................................................ 7 4.6. Officers....................................................................................... 8
Management Duties and Restrictions. Both parties to the joint venture shall participate in the business of the company's affairs and each party shall devote a portion of his time thereto. The managing partner shall be ERHC/BAPCO. Neither of the companies in this joint venture, M III and ERHC/BAPCO, shall directly or indirectly, engage in any other business without the consent of the other partners, but nothing herein contained shall prohibit the activity of either joint venture company from investing in any forms of investment for their own benefit provided such investments do not infringe on the running of the joint venture.
Management Duties and Restrictions. There shall be equal rights in management and without the consent of the other partner, shall not borrow, lend, deliver, accept any commercial paper or execute an mortgage, security agreement, bond or lease or purchase or contract to purchase or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of business.
Management Duties and Restrictions. CDA shall have all rights in the management of the Joint Venture business; CDA shall devote its entire time to the conduct of the business. CDA shall on behalf of the Joint Venture lend money, or make, deliver, or accept any loan transaction acceptable to the company in the regular course of its business.
Management Duties and Restrictions. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner, neither partner shall on behalf of the partnership Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account. borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.
Management Duties and Restrictions. 8.1 The business and affairs of the Company shall be managed by one manager, who shall have the title "Managing Director". Subject to Sections 8.3 and 8.7, the Managing Director shall be appointed and compensated, and shall serve, pursuant and subject to the terms and conditions of a contract between the Company and such Managing Director (the "M/D Contract"). (The M/D Contract shall also set forth the compensation (if any) to be paid to the Managing Director for finding new acquisitions and businesses on behalf of the Company.) Simultaneously herewith, the Members have approved the M/D Contract appointing TFN the Managing Director of the Company.
8.2 Subject to Section 8.3, the Managing Director shall have general authority for the management, conduct, and operation of the Company and its business and affairs and also shall initiate policy proposals and/or strategic proposals for the growth, enhancement, and profitability of the Company's business, including: (a) acquisition of new facilities and businesses (and negotiation of proposed agreements for the same); (b) business plans and other proposals to grow the Company's business; (c) setting Company's employment policy, oversight of Facility employees, and supervision of all human resources matters; (d) financing strategy and sources; (e) ancillary service usage; (
