Rights or Powers. The Members in their capacity as Members shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member shall cease to be a Member at the time such Member ceases to own any Membership Interests.
Appears in 4 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (Kansas City Southern), Limited Liability Company Agreement (Norfolk Southern Corp)
Rights or Powers. The Members in their capacity acting as Members such shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement Agreement, including, without limitation, those rights and powers set forth in Article 12 and, to the extent not inconsistent with this Agreement, in the Act. A Member shall cease to be a Member at the time such Member ceases to own any Membership Interests.
Appears in 4 contracts
Sources: Operating Agreement (Compass Diversified Holdings), Operating Agreement (Compass Diversified Holdings), Operating Agreement (Compass Diversified Trust)
Rights or Powers. The Members in their capacity acting as Members such shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement Agreement, including, without limitation, those rights and powers set forth in Article XIII and, to the extent not inconsistent with this Agreement, in the Act. A Member shall cease All acts of Members to be a Member at taken hereunder shall be taken in the time such Member ceases to own any Membership Interestsmanner prescribed in this Article IX.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement (1847 Holdings LLC)
Rights or Powers. The Members in their capacity acting as Members such shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement Agreement, including, without limitation, those rights and powers set forth in Article XII and, to the extent not inconsistent with this Agreement, in the Act. A Member shall cease All acts of Members to be a Member at taken hereunder shall be taken in the time such Member ceases to own any Membership Interestsmanner prescribed in this Article IX.
Appears in 1 contract
Sources: Operating Agreement (Atlas Industries Holdings LLC)