Responsibility and Authority of the Board. Except as otherwise specifically provided in this Agreement, the authority and functions of the Board, on the one hand, and the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the laws of the State of Delaware. The Officers shall be vested with such powers and duties as are set forth in Article VII hereof and as are specified by the Board from time to time. Accordingly, except as otherwise specifically provided in this Agreement, the business and affairs of the Company shall be managed under the direction of the Board, and the day-to-day activities of the Company shall be conducted on the Company’s behalf by the Officers who shall be agents of the Company.
Appears in 13 contracts
Samples: Limited Liability Company Agreement (Mescalero Pipeline, LLC), Limited Liability Company Agreement (Carrizo Marcellus Holding Inc.), Limited Liability Company Agreement (Carrizo (Niobrara) LLC)
Responsibility and Authority of the Board. Except as otherwise specifically provided in this Agreement, the authority and functions of the Board, on the one hand, and the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the laws General Corporation Law of the State of Delaware. The Officers shall be vested with such powers and duties as are set forth in Article VII Section 7.11 hereof and as are specified by the Board from time to time. Accordingly, except as otherwise specifically provided in this Agreement, the business and affairs of the Company shall be managed under the direction of the Board, and the day-to-day activities of the Company shall be conducted on the Company’s 's behalf by the Officers who shall be agents of the Company.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (K-Sea Tranportation Partners Lp), Limited Liability Company Agreement (K-Sea Transportation Partners Lp)
Responsibility and Authority of the Board. Except as otherwise specifically provided in this Agreement, the authority and functions of the Board, on the one hand, and the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the laws General Corporation Law of the State of Delaware. The Officers shall be vested with such powers and duties as are set forth in Article VII Section 7.10 hereof and as are specified by the Board from time to time. Accordingly, except as otherwise specifically provided in this Agreement, the business and affairs of the Company shall be managed under the direction of the Board, and the day-to-day activities of the Company shall be conducted on the Company’s 's behalf by the Officers who shall be agents of the Company.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Holly Energy Partners Lp)
Responsibility and Authority of the Board. Except as otherwise specifically provided in this Agreement, the authority and functions of the Board, on the one hand, and the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the laws General Corporation Law of the State of Delaware. The Officers shall be vested with such powers and duties as are set forth in Article VII Section 6.1 hereof and as are specified by the Board from time to time. Accordingly, except as otherwise specifically provided in this Agreement, the business and affairs of the Company shall be managed under the direction of the Board, and the day-to-day activities of the Company shall be conducted on the Company’s 's behalf by the Officers who shall be agents of the Company.
Appears in 1 contract
Samples: Holly Energy Partners Lp
Responsibility and Authority of the Board. Except as otherwise specifically provided in this Agreement, the authority and functions of the Board, on the one hand, and the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the laws General Corporation Law of the State of Delaware. The Officers shall be vested with such powers and duties as are set forth in Article VII Section 6.1 hereof and as are specified by the Board from time to time. Accordingly, except as otherwise specifically provided in this Agreement, the business and affairs of the Company shall be managed under the direction of the Board, and the day-to-day activities of the Company shall be conducted on the Company’s 's behalf by the Officers who shall be agents of the Company.. Section 5.7
Appears in 1 contract
Samples: Limited Liability Company Agreement
