Proscriptions. Without the written consent or ratification of all of the Members, the Manager shall have no authority to expend or use Company money or property other than on the account and for the benefit of the Company or any Subsidiary Company or to pledge any of the Company’s credit or property for other than Company or Subsidiary Company purposes. However, the foregoing shall not affect the rights of the Manager as set forth in Section 8.1 and Section 8.2.
Appears in 3 contracts
Samples: Operating Agreement (Trinity Place Holdings Inc.), Stock Purchase Agreement (Trinity Place Holdings Inc.), Stock Purchase Agreement (Trinity Place Holdings Inc.)
Proscriptions. Without the written consent or ratification of all of the Members, the Manager Board of Managers shall have no authority to expend or use Company money or property other than on the account and for the benefit of the Company or any Subsidiary Company or to pledge any of the Company’s credit or property for other than Company or Subsidiary Company purposes. However, the foregoing shall not affect the rights of the Manager as set forth in Section 8.1 and Section 8.2.
Appears in 2 contracts
Samples: Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.), Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.)
