Restrictions on Powers. Except as otherwise provided herein or by the Mandatory Provisions of the Act, a Member shall not have the authority or power to act on behalf of, or to bind, the Company, or any other Member, and a Member shall not have the right or power to take any action which would change the Company to a general partnership, change the limited liability of a Member, or affect the status of the Company for federal income tax purposes.
Appears in 11 contracts
Samples: Operating Agreement, Agreement and Plan of Merger (Edge Petroleum Corp), Operating Agreement (Chaparral CO2, L.L.C.)
Restrictions on Powers. Except as otherwise provided herein in this Agreement or required by the Mandatory Provisions of the Actlaw, a Member shall not have lack the power and authority or power to act on behalf of, for or to bind, bind the Company, Company or any other Member, and a Member shall not have the right or power to take any if such action which would change the Company to a general partnership, change the limited liability of a Member, or affect the status of the Company for federal Federal income tax purposes.
Appears in 2 contracts
Samples: Operating Agreement (Forward Profit Investing LLC), Operating Agreement (Forward Profit Investing LLC)
Restrictions on Powers. Except as otherwise provided herein or by the Mandatory Provisions of the Act, a A Member shall not have the authority or power to act on behalf of, or to bind, the Company, Company or any other Member, and a Member shall not have the right or power to take any action which would change the Company to a general partnership, change the limited liability of a Member, Member or affect the status of the Company for federal income tax purposes.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Empire Petroleum Corp)
Restrictions on Powers. Except as otherwise provided herein in this Agreement or required by the Mandatory Provisions of the Actlaw, a Member shall not have lack the power and authority or power to act on behalf of, for or to bind, bind the Company, Company or any other Member, and a Member shall not have the right or power to take any if such action which would change the Company to a general partnership, change the limited liability of a Member, or affect the status of the Company for federal income tax purposes.
Appears in 1 contract
Restrictions on Powers. Except as otherwise provided herein or by the Mandatory Provisions of the Act, a A Member shall not have the authority or power to act on behalf of, or to bind, the Company, Company or any other Member, and a Member shall not have the right or power to take any action which would change the Company to a general partnership, change the limited liability of a Member, Member or affect the status of the Company for federal income tax purposes.
Appears in 1 contract
Samples: Operating Agreement (Global Linguist Solutions LLC)
