(a)  The articles of organization or a written operating agreement may deny, restrict or enlarge the management rights and duties of any member or group or class of member and may provide that the business and affairs of the limited-liability company shall be managed by or under the authority of one or more managers who may, but need not be, members.

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Terms Used In Rhode Island General Laws 7-16-15

  • Articles of organization: means documents filed under § 7-16-5 for the purpose of forming a limited-liability company. See Rhode Island General Laws 7-16-2
  • Business: means any trade, occupation or other commercial activity engaged in for gain, profit or livelihood for which a corporation can be organized under chapter 1. See Rhode Island General Laws 7-16-2
  • Managers: means a person or persons designated by the members of a limited-liability company to manage the limited-liability company. See Rhode Island General Laws 7-16-2
  • Member: means a person with an ownership interest in a limited-liability company with the rights and obligations specified under this chapter. See Rhode Island General Laws 7-16-2
  • Operating agreement: means any agreement, written or oral, of the members as to the affairs of a limited-liability company and the conduct of its business. See Rhode Island General Laws 7-16-2

(b)  The articles of organization or written operating agreement may prescribe qualifications for managers.

(c)  The number of managers may be specified in or fixed in accordance with the articles of organization or written operating agreement.

History of Section.
P.L. 1992, ch. 280, § 1.