2014 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations And Associations
Chapter 32 - Small Business Entity Tax Pass Through Act
Subchapter 4 - Rights and Duties of Members and Managers
§ 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.
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