Examples of Delaware LLC Act in a sentence
Each member of the Board is designated a “manager” of the Exchange within the meaning of the Delaware LLC Act.
Written consent also may be transmitted by means of “electronic transmission” as described in the Delaware LLC Act.
The Chairman of the Board, the President and the Secretary have been designated as authorized persons, within the meaning of the Delaware LLC Act, to execute and file any amendments to, or restatements of, the Exchange’s certificate of formation with the secretary of state of the State of Delaware and any applicable filings as a foreign limited liability company in any State where such filings may be necessary or desirable.
Liability; Indemnification (a) Except as otherwise provided by the Delaware LLC Act, neither Cboe Global Markets, solely by reason of being the sole limited liability company member of the Exchange, nor any director, officer, employee or agent of the Exchange, solely by reason of acting in such capacity (including a Person having more than one such capacity), shall be personally liable for any expenses, liabilities, debts or obligations of the Exchange, whether arising in contract, tort or otherwise.
The Delaware LLC Act does not plainly state that the traditional fiduciary duties of loyalty and care apply by default as to managers or members of a limited liability company.