Membership Voting. Except as otherwise may be required by the Articles of Organization, Certificate of Formation or a similar organizational document, other provisions of this operating agreement, or under the laws of this state, each member shall vote on any matter submitted to the membership for approval in proportion to the member's percentage interest in this LLC. Further, unless defined otherwise for a particular provision of this operating agreement, the phrase "majority of members" means the vote of members whose combined votes equal more than 50% of the votes of all members in this LLC.
Membership Voting. A. Membership will consist of six entities, with some entities having multiple seats with each seat granted one vote: City of DeKalb (3), the City of Sycamore (2), the Town of Cortland (1), DeKalb County Government (1), Northern Illinois University (1), and the State of Illinois acting by and through the Illinois Department of Transportation (1) for a total of 9 membership seats and votes. New entities, and new or current membership seats, may only be added or deleted by amending this IGA by all then-current entities.
Membership Voting. Except as otherwise may be required by the articles of organization, certificate of formation, or a similar organizational document, by other provisions of this operating agreement, or under the laws of this state, each member shall vote on any matter submitted to the membership for approval in proportion to the member’s percentage interest in this LLC. Further, unless defined otherwise for a particular provision of this operating agreement, the phrase “majority of members” means the vote of members whose combined votes equal more than 50% of the votes of all members in this LLC, and a majority of members, so defined, may approve any item of business brought before the membership for a vote unless a different vote is required under this operating agreement or state law.
Membership Voting. As a single-member LLC there is no need for this provision, however if in the future other members are added, this provision will be required and updated..
Membership Voting. Both members have equal 50/50 voting rights to the LLC and 50/50 team ownership rights.
Membership Voting. As to any matter to which the members are entitled to vote, each member shall have the right to one (1) vote for each unit registered in the name of such member as shown in the unit ledger.
Membership Voting. An Operating Agreement should clearly define how membership votes are calculated, who has voting rights and what sort of approval (majority, super‐majority, unanimous) is required for certain decision or actions of the company. *Xxx Xxxxxxxxxxxx practices in the areas of business law, business planning and corporate operation. Xx. Xxxxxxxxxxxx’x practice emphasizes superior client service, straightforward legal counsel and reasonable fees. Schleiffarth Law Firm represents businesses ranging from small start‐ups to thriving mid‐sized companies and is always anxious to begin working with new clients.
