New York Consolidated Laws, Limited Liability Company Law - LLC § 413. Election and term of managers

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

(a) Except as provided in the operating agreement, if the articles of organization provides that management shall be vested in one or more managers, the members shall vote in accordance with section four hundred two of this article to designate or elect annually the manager or managers of the limited liability company.

(b) Each manager shall hold the office and have the terms (which may be unlimited) and responsibilities accorded to him or her by the members and set out in the operating agreement until his or her successor has been elected and qualified or until his or her earlier resignation or removal.

(c) Except as provided in the operating agreement, the initial managers shall hold office until the first annual meeting of members and until their successors have been elected and qualified.

(d) The number of managers may be increased or decreased by amendment to and in the manner provided in the operating agreement.

Cite this article: FindLaw.com - New York Consolidated Laws, Limited Liability Company Law - LLC § 413. Election and term of managers - last updated January 01, 2021 | https://codes.findlaw.com/ny/limited-liability-company-law/llc-sect-413/


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard