New York Limited Liability Company Law Section 404 - Quorum Of Members.

404. Quorum of members. (a) Except as provided in the operating agreement, a majority in interest of the members entitled to vote shall constitute a quorum at a meeting of members for the transaction of any business, provided that when a specified item of business is required to be voted on by a class of members voting as a class, a majority in interest of the members of such class shall constitute a quorum for the transaction of such specified item of business.

(b) The operating agreement may provide for a greater quorum or a lesser quorum, provided that such lesser quorum shall not be less than one-third in interest of the members entitled to vote.

(c) When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any members.

(d) The members present may adjourn the meeting despite the absence of a quorum.


Section: Previous  401  402  403  404  405  406  407  408  409  410  411  412  413  414  415  Next

Last modified: September 11, 2016