Observance of Formalities. Notwithstanding anything contained herein to the contrary, the failure of the Company, or any Director or Holder, to observe any formalities or procedural or other requirements relating to the exercise of its powers or management of the Company’s business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any of the Members or Holders.
Appears in 8 contracts
Samples: Operating Agreement, Operating Agreement (Officemax Inc), Operating Agreement (Officemax Inc)
Observance of Formalities. Notwithstanding anything contained herein to the contrary, the failure of the Company, or the Manager or any Director or Holder, to observe any formalities or procedural or other requirements relating to the exercise of its powers or management of the Company’s 's business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any of the Members or Holders.
Appears in 6 contracts
Samples: Operating Agreement (Boise Building Solutions Manufacturing Holdings Corp.), Operating Agreement (Boise Building Solutions Manufacturing Holdings Corp.), Operating Agreement (Boise Building Solutions Manufacturing Holdings Corp.)
Observance of Formalities. Notwithstanding anything contained herein to the contrary, the failure of the Company, or the Manager or any Director or Holder, to observe any formalities or procedural or other requirements relating to the exercise of its powers or management of the Company’s business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any of the Members or Holders.
Appears in 5 contracts
Samples: Operating Agreement (Stack Rock Capital, L.L.C.), Operating Agreement (Boise White Paper Sales Corp.), Operating Agreement (Boise White Paper Sales Corp.)
Observance of Formalities. Notwithstanding anything contained herein or in the Act to the contrary, the failure of the Company, the Member or any Director officer or Holder, authorized person to observe any formalities or procedural or other requirements relating to the exercise of its rights, duties, powers or management of the Company’s business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any of the Members or HoldersMember.
Appears in 4 contracts
Samples: Merger Agreement (Penn Virginia Corp), Merger Agreement (Lonestar Resources US Inc.), Limited Liability Company Agreement (Lonestar Resources US Inc.)
Observance of Formalities. Notwithstanding anything contained herein to the contrary, the failure of the Company, or the Managers or any Director or Holder, to observe any formalities or procedural or other requirements relating to the exercise of its powers or management of the Company’s business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on any of the Members or Holders.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (US Power Generating CO)
