Required Meetings. The Member or Members shall hold meetings at such times as it or they may unanimously agree in writing, but shall not be required to meet at any fixed time. At any such meeting, Members holding a majority in Interest shall constitute a quorum. No action can be taken by the Members at a meeting after a quorum ceases to be present at the meeting. The failure of the Company to observe any corporate formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company.
Appears in 6 contracts
Samples: Limited Liability Company Operating Agreement (Decrane Holdings Co), Limited Liability Company Operating Agreement (Decrane Aircraft Holdings Inc), Limited Liability Company Operating Agreement (Decrane Holdings Co)
