Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 98 contracts
Samples: Limited Liability Company Operating Agreement (Masterworks 032, LLC), Limited Liability Company Operating Agreement (Masterworks 104, LLC), Limited Liability Company Operating Agreement (Masterworks 105, LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board of Managers or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 52 contracts
Samples: Limited Liability Company Operating Agreement (Masterworks 014, LLC), Limited Liability Company Operating Agreement (Masterworks 025, LLC), Limited Liability Company Operating Agreement (Masterworks 022, LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting SharesShares entitled to vote. For purposes herein, “Cause” shall mean:
Appears in 3 contracts
Samples: Limited Liability (Masterworks Collection 001, LLC), Limited Liability (Masterworks Collection 001, LLC), Limited Liability (Masterworks Collection 001, LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board Masterworks Gallery, LLC or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 1 contract
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board Manager or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 1 contract
Samples: Limited Liability Company Agreement (Freeport Holdings Series LLC)
