Browse Arkansas Code titles and sections
4-32-401. Management.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-32-401. Management.
(a) With respect to persons other than members, management of the affairs of the limited liability company shall be governed by § 4-32-301.
(b) Unless otherwise provided in an operating agreement, with respect to members, management of the affairs of the limited liability company shall be governed by § 4-32-301.
(c) Unless otherwise provided in an operating agreement, managers:
(1) Shall be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of more than one-half (½) by number of the members;
(2) Need not be members of the limited liability company or natural persons; and
(3) Unless they are sooner removed or sooner resign, shall hold office until their successors shall have been elected and qualified.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-32-401
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d9194f346b4cc756e35c629cc60607c71cea83a6c0f96c419ae60e6a890828ae
Source location: content.xml paragraph 21006
Stored source content
4-32-401. Management.
(a) With respect to persons other than members, management of the affairs of the limited liability company shall be governed by § 4-32-301.
(b) Unless otherwise provided in an operating agreement, with respect to members, management of the affairs of the limited liability company shall be governed by § 4-32-301.
(c) Unless otherwise provided in an operating agreement, managers:
(1) Shall be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of more than one-half (½) by number of the members;
(2) Need not be members of the limited liability company or natural persons; and
(3) Unless they are sooner removed or sooner resign, shall hold office until their successors shall have been elected and qualified.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-32-301. Agency power of members and managers.
(a) Except as provided in subsection (b) of this section, every member is an agent of the limited liability company for the purpose of its business or affairs, and the act of any member, including, but not limited to, the execution in the name of the limited liability company of any instrument, for apparently carrying on in the usual way the business or affairs of the limited liability company of which he or she is a member, binds the limited liability company, unless the member so acting has, in fact, no authority to act for the limited liability company in the particular matter, and the person with whom the member is dealing has knowledge of the fact that the member has no such authority.
(b) If the articles of organization provide that management of the limited liability company is vested in a manager or managers:
(1) No member solely by reason of being a member is an agent of the limited liability company; and
(2) Every manager is an agent of the limited liability company for the purpose of its business or affairs, and the act of any manager, including, but not limited to, the execution in the name of the limited liability company of any instrument, for apparently carrying on in the usual way the business or affairs of the limited liability company of which he or she is a manager binds the limited liability company, unless the manager so acting has, in fact, no authority to act for the limited liability company in the particular matter, and the person with whom the manager is dealing has knowledge of the fact that the manager has no such authority.
(c) An act of a manager or a member which is not apparently for the carrying on in the usual way the business or affairs of the limited liability company does not
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-32-301. This identifies an authority to review, not proof of applicability.