§ 7-16-20 - Agency power of managers. - Rhode-island Statutes

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Statutes > Rhode-island > Title-7 > Chapter-7-16 > 7-16-20

SECTION 7-16-20

§ 7-16-20 Agency power of managers. –(a) Every manager is an agent of the limited liability company for the purposeof its business and affairs, and the act of every manager, including theexecution in the limited liability company's name of any instrument forapparently carrying on in the usual way the business and affairs of the limitedliability company which the manager manages, binds the limited liabilitycompany unless:

(1) The act is in contravention of the articles oforganization or this chapter, or

(2) The manager acting otherwise lacks the authority to actfor the limited liability company and the person with whom the manager isdealing has knowledge of the fact that the manager has no authority.

(b) Unless otherwise provided in the articles oforganization, members of a limited liability company whose business and affairsis managed by or under the authority of one (1) or more managers pursuant to§ 7-16-15 are not agents of the limited liability company and have noauthority to bind the limited liability company unless they are also managers.

State Codes and Statutes

Statutes > Rhode-island > Title-7 > Chapter-7-16 > 7-16-20

SECTION 7-16-20

§ 7-16-20 Agency power of managers. –(a) Every manager is an agent of the limited liability company for the purposeof its business and affairs, and the act of every manager, including theexecution in the limited liability company's name of any instrument forapparently carrying on in the usual way the business and affairs of the limitedliability company which the manager manages, binds the limited liabilitycompany unless:

(1) The act is in contravention of the articles oforganization or this chapter, or

(2) The manager acting otherwise lacks the authority to actfor the limited liability company and the person with whom the manager isdealing has knowledge of the fact that the manager has no authority.

(b) Unless otherwise provided in the articles oforganization, members of a limited liability company whose business and affairsis managed by or under the authority of one (1) or more managers pursuant to§ 7-16-15 are not agents of the limited liability company and have noauthority to bind the limited liability company unless they are also managers.

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State Codes and Statutes

Statutes > Rhode-island > Title-7 > Chapter-7-16 > 7-16-20

SECTION 7-16-20

§ 7-16-20 Agency power of managers. –(a) Every manager is an agent of the limited liability company for the purposeof its business and affairs, and the act of every manager, including theexecution in the limited liability company's name of any instrument forapparently carrying on in the usual way the business and affairs of the limitedliability company which the manager manages, binds the limited liabilitycompany unless:

(1) The act is in contravention of the articles oforganization or this chapter, or

(2) The manager acting otherwise lacks the authority to actfor the limited liability company and the person with whom the manager isdealing has knowledge of the fact that the manager has no authority.

(b) Unless otherwise provided in the articles oforganization, members of a limited liability company whose business and affairsis managed by or under the authority of one (1) or more managers pursuant to§ 7-16-15 are not agents of the limited liability company and have noauthority to bind the limited liability company unless they are also managers.