Common use of Authority of the Board of Managers Clause in Contracts

Authority of the Board of Managers. (a) The Board of Managers has all power and authority to manage, and direct the management of, the business and affairs of the Company, both ordinary and extraordinary. (b) The Board will act only as a body, and no Manager will have any power to bind the Company or authorize any action, except as a part of the Board. (c) The Board of Managers may delegate to officers, other employees, professional managers and agents of the Company the authority to conduct the business of the Company in the ordinary course in accordance with this Agreement and any policy of delegation, which may be adopted and revised from time to time by the Board of Managers.