§ 8944. Members.
(a) General rule.--A limited liability company may have one or more members.
(b) Classes of members.--An operating agreement may provide for:
(1) classes or groups of members having such relative rights, powers and duties as the operating agreement may provide;
(2) the future creation in the manner provided in the operating agreement of additional classes or groups of members having such relative rights, powers and duties as may from time to time be established, including rights, powers and duties senior to existing classes and groups of members; and
(3) the taking of an action, including, without limitation, amendment of the certificate of organization or operating agreement or creation of a class or group of interests in the limited liability company that was not previously outstanding, without the vote or approval of any member or class or group of members.
(c) Class voting.--The operating agreement may grant to all or certain identified members or a specified class or group of members the right to vote (on a per capita or other basis), separately or with all or any class or group of members, upon any matter.
(June 22, 2001, P.L.418, No.34, eff. 60 days)Section: Previous 8932 8933 8934 8935 8941 8942 8943 8944 8945 8946 8947 8948 8951 8956-167-8959 8961-167-8965 Next
Last modified: October 8, 2016