§ 4-32-401 - Management. - Arkansas Statutes

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 (1/2) 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.