2006 Kentucky Revised Statutes - .165   Management of company.

275.165 Management of company. (1) Unless the articles of organization vest management of the limited liability company in a manager or managers, management of the business and affairs of the limited liability company shall vest in the members. Subject to any provisions in the articles of organization, the operating agreement or this chapter restricting or enlarging the management rights and duties of any person or group or class of persons, the members shall have the right and authority to manage the affairs of the limited liability company and to make all decisions with respect thereto. (2) If the articles of organization vest management of the limited liability company in one (1) or more managers, except to the extent otherwise provided in the articles of organization, the operating agreement, or this chapter, the manager or managers shall have exclusive power to manage the business and affairs of the limited liability company. Unless otherwise provided in the articles of organization or the operating agreement, managers: (a)  Shall be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of the majority-in-interest of the members; (b)  Shall not be required to be members of the limited liability company or natural persons; and (c)  Unless they are sooner removed or sooner resign, shall hold office until their successors shall have been elected and qualified. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 341, sec. 27, effective July 15, 1998. -- Created 1994 Ky. Acts ch. 389, sec. 33, effective July 15, 1994. Page 1 of 1