Management Duties and Restrictions. Except as otherwise provided herein, management of the business and affairs of the Partnership shall be vested exclusively in the General Partner. A Limited Partner shall not “participate in the control” of the business of the Partnership, as described in Section 303 of the Act. A Limited Partner (who is not also a General Partner) shall not transact business in the Partnership’s name or on its behalf or have the power to sign documents for or otherwise bind the Partnership.
Management Duties and Restrictions. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business. 8.
Management Duties and Restrictions. There shall be equal rights in management and without the consent of the other partner, shall not borrow, lend, deliver, accept any commercial paper or execute an mortgage, security agreement, bond or lease or purchase or contract to purchase or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of business.
Management Duties and Restrictions. 13 9.1 Management . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 9.2 No Control by the Limited Partners; No Withdrawal. . . . . . . . 13
Management Duties and Restrictions. 11.1 Manager(s) The Company shall be manager-managed by one or more Managers. The Manager shall initially be Legacy Builders Management, LLC. (Throughout this Agreement, the term “Manager” and “Managers” are interchangeable). Members collectively holding at least a majority of the Percentage Interests in the Company may, by written consent or affirmative vote, and with 30 days' notice, remove the Managers. Members may then, by a majority vote, or written consent, elect a new Manager, provided, however, that such removal of the Manager shall not become effective until the election of the new Manager. Removal of the Manager shall in no way impair any rights of the Manager attributable to the period prior to the effective date of removal. The Manager may voluntarily withdraw from the Company with 90 days' written notice to the Members. In the event of the Manager's withdrawal, or if the Manager dies or becomes legally incapacitated or unable to effectively perform his duties as a Manager, the Members shall, by a majority vote, or written consent, elect a new Manager. The resignation of a Manager shall not become effective until the election of a new Manager by the Members, or twelve (12) months from the date of the Manager's resignation notice to the Members, which comes first.
Management Duties and Restrictions. 20 8.1 Management 20 8.2 No Control by the Limited Partners; No Withdrawal 20
Management Duties and Restrictions. The partners shall have rights in the management of the partnership business pursuant to their shares in the partnership as set forth in this Agreement. Each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall, on behalf of the partnership, borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell, or contract to sell, any property for or of the partnership, other than the type of property bought and sold in the regular course of its business.
Management Duties and Restrictions. 6 4.1. Management..................................................................................... 6 4.2. Conversion of Status as Managing Member........................................................ 7 4.3. Liability of Members to the Company and the Other Members...................................... 7 4.4. Restrictions on the Members.................................................................... 7 4.5. Additional Restrictions on Non-Managing Members................................................ 7 4.6. Officers....................................................................................... 8
Management Duties and Restrictions. 12 9.1 Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 9.2 No Control by the Limited Partners; No Withdrawal . . . . . . . . 12 9.3 Class A Limited Partner Approval Rights . . . . . . . . . . . . . 13 9.4 Investment Opportunities. . . . . . . . . . . . . . . . . . . . . 13 9.5 Compliance with Partnership Agreement; Detrimental Acts . . . . . 14 TABLE OF CONTENTS Continued
Management Duties and Restrictions. 8.1 The business and affairs of the Company shall be managed by one manager, who shall have the title "Managing Director". Subject to Sections 8.3 and 8.7, the Managing Director shall be appointed and compensated, and shall serve, pursuant and subject to the terms and conditions of a contract between the Company and such Managing Director (the "M/D Contract"). (The M/D Contract shall also set forth the compensation (if any) to be paid to the Managing Director for finding new acquisitions and businesses on behalf of the Company.) Simultaneously herewith, the Members have approved the M/D Contract appointing TFN the Managing Director of the Company.
