C150349 Feasibility Study I - Laserfiche WebLink

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ARTICLE 6 MANAGER 6.1 Manager. The Company's Business shall be conducted and the Company Property shall be managed by a Manager appointed by the Members. The Manager shall manage the Company and its Business as provided in this Agreement. Without ]imitation, it shall represent the Company in its transactions and dealings with third parties, maintain Company books and records, apply Company capital according to the Company's Purposes, prepare and file federal and state tax returns and schedules or cause them to be prepared and filed, and take other actions necessary or advisable to carry out the Company's purposes. 6.2 Initial Mang er. Spitz Cattle Co. is appointed as the initial Manager, to serve until it resigns or is removed as provided in this Agreement. 6.3 Resi ,nation,. A Manager may resign at any time upon written notice to the Members. The resignation shall be effective without acceptance by the Members, at the time specified in the notice if agreeable to the .Members, otherwise on the date of the notice. The resignation of a Manager who is also a Member shall not affect his rights as a Member and shall not constitute a withdrawal of a Member. 6.4 Removal. A Manager may be removed at an_v time upon vote of the Membership as provided in this Agreement, with or without cause, upon written notice from. the Members, effective at the time specified in the notice if agreeable to the Manager, otherwise on the date of the notice. The removal of a Manager who is also a Member shall not affect his rights as a Member and shall not constitute a withdrawal of a Member. 6.5 Vacancy. A vacancy in the position of Manager shall be filed by a vote of the Members, as provided in this Agreement. r 6.6 Commitment of Mana er. 'The Manager shall devote such time to the Company as may be reasonably necessary to conduct the Business and carry out its obligations to the Company. The Manager may engage in other businesses and activities and is not expected to devote full time to the Company or its Business. 6.7 Manager's Compensation. In addition to any distributions or allocations to which it may be entitled by virtue of any Membership Interests it may hold, the Manager may, in its discretion, be paid reasonable compensation in consideration for services performed for the Company consistent with this Agreement and state law. Any such compensation shall be reasonably commensurate with services actually performed, time devoted, the financial benefit to the Company as a result of the Manager's actions, and such other factors as shall be reasonable under all facts and circumstances. The Manager also shall be entitled to reimbursement from the Company for expenses reasonably incurred it) cfirrving out its duties. 6