Number and Term. The Board of Managers shall consist of a number of Managers determined by a Majority Interest from time to time; provided; that the Board of Managers may not consists of less than three Managers. Managers need not be Members. Except as otherwise provided in Section 5.2(d), each Manager shall be elected at the annual meeting of the Members, and the individuals receiving the most votes at such meeting shall be elected. No decrease in the number of Managers shall have the effect of shortening the term of office of any incumbent Manager.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp)
Number and Term. The Board of Managers shall consist of a number of Managers determined by a Majority Interest from time to time; provided; that the Board of Managers may not consists of less than three Managers. Managers need not be Members. Except as otherwise provided in Section 5.2(d), each Manager shall be elected at -------------- the annual meeting of the Members, and the individuals receiving the most votes at such meeting shall be elected. No decrease in the number of Managers shall have the effect of shortening the term of office of any incumbent Manager.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Penn Octane Corp)
