New York Limited Liability Company Law Section 413 - Election and term of managers.

413. Election and term of managers. (a) Except as provided in the operating agreement, if the articles of organization provides that management shall be vested in one or more managers, the members shall vote in accordance with section four hundred two of this article to designate or elect annually the manager or managers of the limited liability company.

(b) Each manager shall hold the office and have the terms (which may be unlimited) and responsibilities accorded to him or her by the members and set out in the operating agreement until his or her successor has been elected and qualified or until his or her earlier resignation or removal.

(c) Except as provided in the operating agreement, the initial managers shall hold office until the first annual meeting of members and until their successors have been elected and qualified.

(d) The number of managers may be increased or decreased by amendment to and in the manner provided in the operating agreement.

Last modified: February 3, 2019