490A.705 - MANAGEMENT OF A LIMITED LIABILITY COMPANY BY A MANAGER OR MANAGERS.
490A.705 MANAGEMENT OF A LIMITED LIABILITY COMPANY BY A MANAGER OR MANAGERS. 1. The articles of organization or an operating agreement of a limited liability company may apportion responsibility for managing a limited liability company among one or more managers who may be, but need not be, members. 2. The articles of organization or an operating agreement may prescribe qualifications for managers. 3. The number of managers shall be fixed by or in the manner provided in the articles of organization or an operating agreement. The number of managers may be increased or decreased by amendment to, or in the manner provided in, the articles of organization or an operating agreement. 4. Unless otherwise provided in the articles of organization or an operating agreement, managers shall be elected by the majority vote of the members. 5. Unless otherwise provided in the articles of organization or an operating agreement, any vacancy occurring in the office of manager shall be filled by a majority vote of the members. 6. All managers or any lesser number may be removed in the manner provided in the articles of organization or an operating agreement. If the articles of organization or an operating agreement does not provide for the removal of managers, then all managers or any lesser number may be removed with or without cause by a majority vote of the members. 7. Unless otherwise provided in the articles of organization or an operating agreement, if the limited liability company has more than one manager, all decisions of the managers shall be by majority vote of the managers. 8. Unless the articles of organization or an operating agreement require a different number, a quorum for a meeting of managers consists of a majority of the managers.
Section History: Recent Form 92 Acts, ch 1151, § 39