Manager and Members Clause Samples
The "Manager and Members" clause defines the roles, rights, and responsibilities of the manager and members within a company or organization, typically in the context of a limited liability company (LLC). It outlines who is designated as the manager, the scope of their authority to make decisions on behalf of the company, and the rights of members to participate in management or receive information. For example, it may specify whether the company is managed by a single manager, multiple managers, or by all members collectively, and detail how decisions are made or approved. This clause is essential for establishing clear governance structures, preventing disputes over authority, and ensuring all parties understand their roles within the organization.
Manager and Members. The Fund shall consist of the Manager and the Members admitted to the Membership at the Initial Closing of the sale of Units, and such additional and substituted Members as may be admitted to the Fund pursuant to Sections 4.2, 10 or 13. The Fund shall have the authority to issue 100,000,000 Units evidencing Interests of the Members. The number of Units may be increased by amendment of this Agreement approved by the Manager and a Majority in Interest. The number of Units shall not be reduced if the Fund redeems any outstanding Units. Instead, the redeemed Units may be issued by the Fund at any later date. The initial purchase price for a Unit shall be $1.00 per Unit, which may be adjusted by the Manager in good faith. The Manager will prepare and maintain at its principal place of Equity Program Operating Agreement 8 business a schedule listing, with respect to each Member, the name and address of the Member and the Member’s Units (the “Schedule of Members”). The Manager shall cause the Schedule of Members to be amended from time to time to reflect the admission of any Member, reinvestment by a Member in additional Units, the removal or withdrawal of any Member for any reason or the receipt by the Fund of notice of any change of name of a Member.
Manager and Members. The Company shall consist of the Manager and the Members admitted to the Company as of the date hereof, and such additional and substituted Members as may be admitted to the Company pursuant to Sections 4.2, 10 or 13. The Manager will prepare and maintain at its principal place of business a schedule listing, with respect to each Member, the name and address of the Member and the class and number of each Member’s Units (the “Schedule of Members”). The Manager shall cause the Schedule of Members to be amended from time to time to reflect the admission of any Member, reinvestment by a Member in additional Units, the removal or withdrawal of any Member for any reason or the receipt by the Company of notice of any change of name of a Member.
Manager and Members