Current through Chapter 519 of the 2024 Legislative Session and Chapter 2 of the 2024 First Extraordinary Session
Section 7-80-401 - Management of limited liability company(1) Except as provided in subsection (2) of this section, decisions with respect to a limited liability company shall be made by a majority of the members or, if the limited liability company has one or more managers, by a majority of the managers.(2) The consent of each member is necessary to:(a) Amend the articles of organization;(b) Amend the operating agreement; and(c) Authorize an act of the limited liability company that is not in the ordinary course of the business of the limited liability company.(3) A person or persons who will be admitted as a member or members pursuant to section 7-80-701(2) may, by unanimous consent, amend the operating agreement to be effective immediately before the admission of the person or persons.L. 2004: Entire part R&RE, p. 938, § 6, effective July 1. L. 2006: (1) amended and (3) added, p. 857, § 21, effective July 1.This section is similar to former § 7-80-401 as it existed prior to 2004.