Management of limited liability company; definition

(1) Unless the articles of organisation provide that management of the limited liability company is vested in one or more members, management of the limited liability company is vested in one or more managers, subject to any provision in an operating agreement restricting or enlarging the management rights or responsibilities of one or more (2) If the articles of organisation provide that management of the limited liability company is vested in one or more managers, management of the limited liability company is vested in a manager or managers, subject to any provisions in an operating agreement or management agreement restricting or enlarging the management rights or responsibilities of one or more managers or classes of managers or reserving specified management rights to the members or classes of members. A manager need not be a member of the limited liability company unless otherwise required by an operating (3) A manager shall be designated or elected and may be removed or replaced in the manner provided in an operating agreement or, in default thereof as set forth in this section. A manager also holds the office and has the responsibilities that are accorded to the manager by the members and that are provided in an operating agreement or management agreement. If an operating agreement does not provide a manner for designating or electing additional or replacement managers, on the withdrawal or resignation of a manager, management of the limited liability company continues to be vested in the remaining managers, or if there are no remaining managers, management is vested in one or more new managers appointed, designated or elected as set forth in section 65.