Management of the Company by the Managers Sample Clauses
The "Management of the Company by the Managers" clause establishes that the authority to operate and make decisions for the company is vested in designated managers rather than the members or owners. This clause typically outlines the scope of the managers' powers, such as entering into contracts, handling finances, and overseeing daily business operations, and may specify any limitations or required approvals for major actions. Its core function is to clarify the governance structure of the company, ensuring that management responsibilities are clearly assigned and reducing the risk of disputes over decision-making authority.
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Management of the Company by the Managers. (a) The business and affairs of the Company shall be managed exclusively by the Managers, acting by unanimous vote at a meeting where all five managers are present or by unanimous written consent of the Managers, with each Manager having one (1) vote. The Managers shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes of the Company described herein. Annual meetings of the Managers shall not be required.
(b) Notwithstanding anything in this Agreement (including this Section 4.2) to the contrary, all decisions that are subject to the approval, consent or discretion of the Company or any Company Subsidiary under or pursuant to the Contribution Agreement shall be made solely by ZONG and LM in their sole discretion.
Management of the Company by the Managers