48-2c-610 - Management of a series.
48-2c-610. Management of a series.
(1) Unless otherwise provided in an operating agreement, the management of a series isvested in the members associated with the series in proportion to the then-current percentage orother interest of members in the profits of the series owned by all of the members associated withthe series.
(2) Unless otherwise provided in an operating agreement, the decision of membersowning more than 50% of the then-current percentage or other interest in the profits controls.
(3) Notwithstanding Subsection (2), if an operating agreement provides for themanagement of the series in whole or in part by a manager, the management of the series isvested to that extent in the manager, who is chosen in the manner provided in the operatingagreement.
(4) The manager of a series holds the offices and has the responsibilities accorded to themanager under the operating agreement.
(5) A series may have more than one manager.
(6) Subject to a manager's resignation, a manager ceases to be a manager with respect toa series as provided in the operating agreement.
(7) Except as otherwise provided in an operating agreement, any event under this chapteror in an operating agreement that causes a manager to cease to be a manager with respect to aseries does not, by itself, cause the manager to cease to be a manager of the limited liabilitycompany or with respect to any other series.
Enacted by Chapter 92, 2006 General Session