Common use of Management of the Company by Managers Clause in Contracts

Management of the Company by Managers. Subject to the provisions of the Articles, this Agreement, and the Act: (a) All the business, property, and affairs of the Company shall be managed and all powers of the Company shall be exercised by or under the direction of the Board of Directors, the members of which shall constitute the managers of the Company for purposes of the Act; and (b) No Director acting alone in his capacity as a director or manager shall be an agent of the Company, and no Director acting alone in his capacity as a director or manager is authorized to bind or execute any instrument on behalf of the Company or render the Company liable for any purpose.

Management of the Company by Managers. Subject to the provisions -------------------------------------- of the Articles, this Agreement, and the Act: (a) All the business, property, and affairs of the Company shall be managed and all powers of the Company shall be exercised by or under the direction of the Board of Directors, the members of which shall constitute the managers of the Company for purposes of the Act; and (b) No Director acting alone in his capacity as a director or manager shall be an agent of the Company, and no Director acting alone in his capacity as a director or manager is authorized to bind or execute any instrument on behalf of the Company or render the Company liable for any purpose.