Rights, Authority, Powers, Responsibilities Clause Samples
Rights, Authority, Powers, Responsibilities and Duties of the Manager ---------------------------------------------------------------------
16.1 Subject only to the provisions of Paragraph 16.4, the Manager shall have all authority, rights and powers conferred by law and those required or appropriate to the management of the Fund business which, by way of illustration but not by way of limitation, shall include the rights, authority and powers:
16.1.1 To cause the Fund to acquire and enter into any contract of insurance which the Manager deems necessary or appropriate for the protection of the Fund and the Manager, or either of them, for the conservation of Interests, or for any purpose convenient or beneficial to the Fund;
16.1.2 To cause the Fund to, and itself to, employ persons in the operation and management of the business of the Fund on such terms and for such compensation as the Manager shall determine;
16.1.3 To prepare or cause to be prepared reports, statements and other relevant information for distribution to Members;
16.1.4 To open accounts and deposits and maintain accounts in the name of the Fund in any bank or savings and loan association, provided however, that the Fund's monies shall not be commingled with the monies of any other person or entity;
16.1.5 To cause the Fund to make or revoke any of the elections referred to in Section 754 of the Code or any similar provisions enacted in lieu thereof;
16.1.6 To select the Fund's accounting year;
16.1.7 To determine the appropriate accounting method or methods to be used by the Fund for the purposes of preparing financial statements and tax returns (the Manager currently intends to utilize the accrual method of accounting in maintaining the Fund's books and records);
16.1.8 To require in any or all Fund contracts that the Manager shall not have any personal liability thereon but that the person or entity contracting with the Fund is to look solely to the Fund and its assets for satisfaction;
16.1.9 To purchase or cause any of its Affiliates to purchase for investment for their own accounts Units upon the terms described in Paragraph 5.1;
16.1.10 Notwithstanding anything herein to the contrary, subject to Paragraph 16.4.11, to amend this Operating Agreement without the consent or vote of any of the Members: (i) to reflect the addition or substitution of Members, the repurchase of Units of Members pursuant to Paragraph 13.4 or 16.3 or the reduction of the Capital Accounts upon the return of Uninvested Net Capital to Members, (ii) to add...