31 §653. Voting (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 4: RIGHTS AND DUTIES OF MEMBERS AND MANAGERS
§653. Voting
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Affirmative vote, approval or consent of majority required. Except as provided in the operating agreement, the articles of organization or this chapter and subject to subsection 2, the affirmative vote, approval or consent of more than half by number of the members on a per capita basis, if management of a limited liability company is vested in the members, or of more than 1/2 of the managers or other persons vested with management authority of that limited liability company, if the management of that limited liability company is vested in such managers or persons, is required to decide any matter connected with that limited liability company's business.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Amend or contravene operating agreement. Except as provided in the operating agreement or the certificate of organization, the affirmative vote, approval or consent of all members is required to:
A. Amend an operating agreement; or [1993, c. 718, Pt. A, §1 (NEW).]
B. Authorize a manager, member or other person to act on behalf of the limited liability company in a manner that contravenes an operating agreement. [1993, c. 718, Pt. A, §1 (NEW).]
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).