Common use of Rights or Powers of Members Clause in Contracts

Rights or Powers of Members. Except as expressly provided otherwise in this Agreement or by operation of law, the Members (as members of the Company) will have no rights or powers to take part in the management and control of the Company and its business and affairs and will have no power or authority to act for the Company, or bind the Company under agreements or arrangements with third parties as Members. The Members will have the right to vote only on the matters explicitly set forth in this Agreement.

Appears in 5 contracts

Samples: Individual Series Limited Liability Company Agreement (Freeport Holdings Series LLC), Limited Liability Company Agreement, Limited Liability Company Agreement

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Rights or Powers of Members. Except as expressly provided otherwise in this Agreement or by operation of law, the Members (as members of the Company) will have no rights or powers to take part in the management and control of the Company and its business and affairs and will have no power or authority to act for the Company, or bind the Company under agreements or arrangements with third parties as Members. The Members will have the right to vote only on the matters explicitly set forth in this AgreementAgreement or as otherwise required by the Act.

Appears in 1 contract

Samples: Operating Agreement

Rights or Powers of Members. Except as expressly provided otherwise in this Agreement The Members shall not have any right or by operation of law, the Members (as members of the Company) will have no rights or powers power to take part in the management and or control of the Company and or its business Business and affairs and will have no power or authority to act for the Company, or bind the Company under agreements or arrangements with third parties as Membersin any way. The Notwithstanding the foregoing, the Members will shall have all the right to vote only on the matters explicitly rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act.

Appears in 1 contract

Samples: Operating Agreement (OCM HoldCo, LLC)

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Rights or Powers of Members. Except as expressly provided otherwise in this Agreement The Members shall not have any right or by operation of law, the Members (as members of the Company) will have no rights or powers power to take part in the management and or control of the Company and or its business Business and affairs and will have no power or authority to act for the Company, or bind the Company under agreements or arrangements with third parties as Membersin any way. The Notwithstanding the foregoing, the Members will shall have all the right to vote only on the matters explicitly rights and powers specifically set forth in this AgreementAgreement and as required in the Act.

Appears in 1 contract

Samples: Operating Agreement (OCM HoldCo, LLC)

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