Operations in Accordance With the Act. Ownership. Except as expressly set forth in this Agreement to the contrary, the rights and obligations of the Members and the administration, operation and termination of the Company shall be governed by the Act, as it may be amended. The interest of each Member in the Company shall be personal property for all purposes. All real and other property owned by the Company shall be deemed owned by the Company as a company, and no Member, individually, shall have any ownership interest in such property.
Appears in 15 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (CNL Growth Properties, Inc.), Liability Company Agreement (CNL Growth Properties, Inc.)
Operations in Accordance With the Act. OwnershipOWNERSHIP. Except as otherwise expressly set forth in this Agreement to the contraryAgreement, the rights and obligations of the Members and the administration, operation and termination of the Company shall be governed by the Act, as it may be amended. The interest of each Member in the Company shall be deemed personal property for all purposes. All real and other property owned by the Company shall be is deemed owned by the Company as a company, and no Member, individually, shall be deemed to have any ownership interest in such propertytherein.
Appears in 1 contract
