Sec. 34-124. Powers of limited liability company.
Sec. 34-124. Powers of limited liability company. (a) A limited liability company
shall have all powers specially granted to it by law, all powers enumerated in this section
and all powers elsewhere granted in sections 34-100 to 34-242, inclusive, without setting
forth any such powers in its articles of organization.
(b) A limited liability company shall have power to and may sue and be sued and
make and use a common seal and alter the same at pleasure.
(c) Except to the extent otherwise provided in, and subject to the limitations contained in, its articles of organization or in any law affecting it, a limited liability company
shall have power to and may: (1) Take property of any description or any interest therein,
by gift, devise or bequest; (2) make donations for the public welfare or for charitable,
scientific or educational purposes; and (3) invest its funds not currently needed in its
business.
(d) Except to the extent otherwise provided in, and subject to the limitations contained in its articles of organization or in any law affecting it, a limited liability company
shall have power to and may, in carrying out the purposes stated in its articles of organization: (1) Acquire, by purchase or otherwise hold, sell, convey and exercise any and all
rights of ownership or interest in or to any real or personal property whatsoever, including, without limitation, shares, securities and any other interest in or obligation of other
corporations or associations, individuals or governmental units; (2) borrow money, issue
promissory notes, bonds or other evidence of indebtedness and secure the same by
mortgage, pledge or other form of security on any or all of its real or personal property
or an interest therein; (3) make contracts, including contracts of guaranty or suretyship
or other similar financial arrangements and give security therefor; (4) enter into any
arrangement with others for the sharing of profits and losses or for any union of interest
with respect to any transaction, operation or venture which the limited liability company
has power to conduct by itself even if such arrangement involves sharing or delegation
of control of such transaction, operation or venture to others; (5) carry on business in
any place where such business is carried on; and (6) exercise all legal powers necessary
or convenient to effect any or all of the purposes stated in its articles of organization,
whether or not such powers are set forth in its articles of organization.
(e) In the time of war or other national emergency, a limited liability company shall
have power to do any lawful business in aid thereof, notwithstanding the business or
purposes set forth in its articles of organization, at the request or direction of any apparently authorized governmental authority.
(P.A. 93-267, S. 9.)