Voting and Other Actions. Each Director shall have one vote and may ------------------------ also cast one vote on behalf of any Director for whom he or she holds a proxy. All actions of the Board shall require the affirmative vote of a majority of the Directors. No Director shall be liable to the Company or to the Managing Member for any loss or damage sustained by the Company or the Managing Member, unless the loss or damage shall have been the result of fraud, deceit, or intentional misconduct.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC)
Voting and Other Actions. Each Director shall have one vote and may ------------------------ also cast one vote on behalf of any Director for whom he or she holds a proxy. All actions of the Board shall require the affirmative vote of a majority of the Directors. No Director shall be liable to the Company or to the Managing Member for any loss or damage sustained by the Company or the Managing Member, unless the loss or damage shall have been the result of fraud, deceit, or intentional misconduct.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc)
