Selection and terms of managers in a manager-managed limited liability company

Selection and terms of managers in a manager-managed limited liability company. — In a manager-managed limited liability company, the following rules apply: (1) A manager may be chosen at any time by the consent of the member or members holding more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members. (2) A person need not be a member to be a manager. (3) A person chosen as a manager continues as a manager until a successor is chosen, unless the manager at an earlier time resigns, is removed, or dies or, in the case of a manager that is not an individual, terminates. (4) A manager may be removed at any time without notice or cause by the consent of the member or members holding more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members. (5) The dissociation of a member who is also a manager removes the person as a manager. (6) If a person who is both a manager and a member ceases to be a manager, that cessation does not, by itself, dissociate the person as a member. (7) A person’s ceasing to be a manager does not discharge a debt, obligation, or other liability to the limited liability company or members which the person incurred while a manager.