Common use of Officers’ Authorization Clause in Contracts

Officers’ Authorization. (a) The Manager may from time to time delegate to one or more persons such authority as the Manager may deem advisable and may appoint one or more persons as a president, vice president, secretary, treasurer or any other title of an officer of the Company as determined by the Manager to act on behalf of the Company with respect to any matter or matters delegated to such person by the Manager. No officer need be a resident of the State of Colorado. All officers of the Company, as between themselves and the Company, shall have such authority, perform such duties and manage the Company as determined by the Manager. Unless the Manger decides otherwise, if the title is one commonly used for officers of a business corporation formed under the Colorado Business Corporations Act, the assignment of such title shall constitute the delegation to such officer of the authority and duties that are normally associated with that office, subject to (i) any specific delegation of authority and duties made to such officer by the Manager, or (ii) any delegation of authority and duties made to one or more Managers pursuant to Section 7(b). Each officer shall hold office until his successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. Any number of offices may be held by the same person. The salaries or other compensation, if any, of the officers and agents of the Company shall be fixed by the Manager.

Officers’ Authorization. (a) The Manager may from time to time delegate to one or more persons such authority as the Manager may deem advisable and may appoint one or more persons as a president, vice president, secretary, treasurer or any other title of an officer of the Company as determined by the Manager to act on behalf of the Company with respect to any matter or matters delegated to such person by the Manager. No officer need be a resident of the State of Colorado. All officers of the Company, as between themselves and the Company, shall have such authority, perform such duties and manage the Company as determined by the Manager. Unless the Manger decides otherwise, if the title is one commonly used for officers of a business corporation formed under the Colorado Business Corporations Act, the assignment of such title shall constitute the delegation to such officer of the authority and duties that are normally (a) associated with that office, subject to (i) any specific delegation of authority and duties made to such officer by the Manager, or (ii) any delegation of authority and duties made to one or more Managers pursuant to Section 7(b). Each officer shall hold office until his successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. Any number of offices may be held by the same person. The salaries or other compensation, if any, of the officers and agents of the Company shall be fixed by the Manager.