Lac Courte Oreilles Law Library
Lac Courte Oreilles Tribal Code of Law.

LLC.1.3.040 Voting

(a) Unless otherwise provided in the Operating Agreement or this section, and subject to Section LLC.1.3.040(b) below, an affirmative vote, approval, or consent as follows shall be required to decide any matter connected with the business of a LLC.

(1) If management of an LLC is reserved to the Owners, an affirmative vote, approval, or consent by a Majority in Interest of Owners.

(2) If the management of an LLC is vested in one or more managers, the affirmative vote, consent, or approval of more than fifty percent (50%) of the managers.

(b) Unless otherwise provided in the Operating Agreement or this Code, the affirmative vote, approval, or consent of all Owners shall be required to do any of the following:

(1) Amend the Articles of Organization.

(2) Issue an interest in an LLC to any person.

(3) Adopt, amend, or revoke Operating Agreement.

(4) Allow an LLC to accept any additional contribution from an Owner.

(5) Allow a partial redemption of an interest in an LLC under Section LLC.1.5.030.

(6) Value contributions of Owners under Section LLC.1.4.010.

(7) Authorize a manager, Owner, or other person to do any act on behalf of the LLC that contravenes the Operating Agreement.

(c) Unless otherwise provided in the Operating Agreement, if any Owner is precluded from voting with respect to a given matter, the value of the contribution represented by the interest in the LLC with respect to which the Owner would otherwise have been entitled to vote shall be excluded from the total contributions made to the LLC for purposes of determining the fifty percent (50%) threshold under Section LLC.1.1.050(i) for that matter.

(d) Unless otherwise provided in Operating Agreement or this section, if all or part of an interest in the LLC is assigned under Section LLC.1.6.040, the assigning Owner shall be considered the owner of the assigned interest for purposes of determining the 50% threshold under Section LLC.1.1.050(i) until the assignee of the interest in the LLC becomes an Owner under Section LLC.1.6.060.