Supermajority Consent Required. The Board of Managers shall not do any of the following without, in each instance, obtaining the consent of the Members holding 75% of the Units: (a) do any act in contradiction of this Agreement; (b) do any act which would make it impossible to carry on the ordinary business of the Company (except for a disposition of Company assets); (c) confess a judgment against the Company; or (d) possess Company assets, or assign the rights in specific Company assets for other than a Company purpose.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp)
Supermajority Consent Required. The Board of Managers shall -------------------------------- not do any of the following without, in each instance, obtaining the consent of the Members holding 75% of the Units:
(a) do any act in contradiction of this Agreement;
(b) do any act which would make it impossible to carry on the ordinary business of the Company (except for a disposition of Company assets);
(c) confess a judgment against the Company; or
(d) possess Company assets, or assign the rights in specific Company assets for other than a Company purpose.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Penn Octane Corp)
