New York § 413 Election and term of managers

New York Statutes

§ 413 — Election and term of managers

New York § 413

Law LLCLimited Liability Company Law

Art. 4Management By Members or Managers

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Bluebook

N.Y. Limited Liability Company Law § 413 (2026).

Text

§ 413. Election and term of managers.

(a)Except as provided in the\noperating agreement, if the articles of organization provides that\nmanagement shall be vested in one or more managers, the members shall\nvote in accordance with section four hundred two of this article to\ndesignate or elect annually the manager or managers of the limited\nliability company.\n (b) Each manager shall hold the office and have the terms (which may\nbe unlimited) and responsibilities accorded to him or her by the members\nand set out in the operating agreement until his or her successor has\nbeen elected and qualified or until his or her earlier resignation or\nremoval.\n (c) Except as provided in the operating agreement, the initial\nmanagers shall hold office until the first annual meeting of members

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§ 413. Election and term of managers. (a) Except as provided in the\noperating agreement, if the articles of organization provides that\nmanagement shall be vested in one or more managers, the members shall\nvote in accordance with section four hundred two of this article to\ndesignate or elect annually the manager or managers of the limited\nliability company.\n (b) Each manager shall hold the office and have the terms (which may\nbe unlimited) and responsibilities accorded to him or her by the members\nand set out in the operating agreement until his or her successor has\nbeen elected and qualified or until his or her earlier resignation or\nremoval.\n (c) Except as provided in the operating agreement, the initial\nmanagers shall hold office until the first annual meeting of members and\nuntil their successors have been elected and qualified.\n (d) The number of managers may be increased or decreased by amendment\nto and in the manner provided in the operating agreement.\n