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New York Limited Liability Company Law Section 416 - Vacancies.

Legal Research Home > New York Lawyer > Limited Liability Company > New York Limited Liability Company Law Section 416 - Vacancies.

    § 416.  Vacancies. (a) Except as provided in the operating agreement,
  if management of the limited liability company is vested in a  group  of
  managers,  any  vacancies  occurring  in such group may be filled by the
  vote of a majority in interest of the members entitled to vote thereon.
    (b) Except as provided in the operating agreement, a manager chosen to
  fill a vacancy shall serve the unexpired term of his or her predecessor.
    (c) Except as provided  in  the  operating  agreement,  any  manager's
  position filled by reason of an increase in the number of managers shall
  be  filled by the vote of a majority in interest of the members entitled
  to vote thereon.
    (d) Except as provided in the operating agreement, a manager chosen to
  fill a position resulting from an increase in  the  number  of  managers
  shall  hold  office  until the next annual meeting of members or until a
  successor has been elected and qualified.

Last modified: August 10, 2006