LLC Act means the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as it may be amended from time to time, and any successor to such Act.

LLC Act means the Delaware Limited Liability Company Act, as amended from time to time; provided, however, that if any amendment to the LLC Act, or any succeeding or successor law, is applicable to the Company only if the Company has elected to be governed by the LLC Act as so amended or by such succeeding or successor law, as the case may be, the term "LLC Act" shall refer to the LLC Act as so amended or to such succeeding or successor law only after the appropriate election by the Board with the Consent of the Members.

Examples of LLC Act in a sentence

The Bankruptcy of a Member, the dissolution and commencement of a winding up of a Member, or the occurrence of any other event that terminates the continued membership of a Member in a limited liability company under the LLC Act.
The Member shall have all rights and powers of a manager under the LLC Act, and shall have such authority, rights, and powers in the management of the Company to do any and all other acts and things necessary, proper, convenient, or advisable to effectuate the purposes of this Agreement.
The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the LLC Act and to engage in any and all activities necessary or incidental thereto.
Except as otherwise required in the LLC Act, the debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, shall be solely the debts, obligations, and liabilities of the Company, and the Member shall not be obligated personally for any such debt, obligation, or liability of the Company solely as a result of his, her, or its membership or participating in the management of the Company.
Upon the completion of the winding up of the Company, the Member (or Liquidator) shall file a Certificate of Cancellation in accordance with the LLC Act.

More Definitions of LLC Act

LLC Act has the meaning set forth in the Preamble to this Agreement.

LLC Act has the meaning set forth in the Recitals.

LLC Act means the Delaware Limited Liability Company Act, 6 Del.C. §§ 18-101, et seq., as it may be amended from time to time, and any successor to such statute.

LLC Act shall have the meaning set forth in Section 2.2.