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(c) Engage in such other activities as are related or incidental to the
foregoing purposes.
2.02 Powers. The Company shall have ail powers and rights of a limited liability
company organized under the Act, to the extent such powers and rights are not proscribed
by the Articles.
ARTICLE Ill
NAME, ADDRESS AND MEMBERSHIP INTERESTS
OF INITIAL MEMBER; PRINCIPAL OFFICE
3.01 Name, Address and Membership Interests of Initial Member. The name,
address and Membership Interests of the initial Member is as follows:
Name and Address
Newport News Redevelopment and Housing Authority (NNRHA)
100%
227 27" Street
Newport News, VA 23607
3.02 Principal Office. The principal office of the Company shall initially be at 227
27% Street, Newport News, VA 23607. The principal office may be changed from time to
time by the Board of Managers.
ARTICLE IV
VOTING POWERS, MEETINGS, ETC. OF MEMBER
4.01 General. The Member shall be entitled to participate in the day-today affairs
and management of the Company.
4.02 Actions Requiring Approval of Members.
(a) Notwithstanding any other provisions of this Operating Agreement,
the approval of the Member shall not be required in order for any actions to be taken on
behalf of the Company.
(b) Unless the express terms of this Operating Agreement specifically
provide otherwise, the Board of Managers shall be entitled to approve or consent to any
matters on behalf of the Company, including, but not limited to, financing, sale, lease or
refinancing of the property or assets.
4.03 Action by Member. In exercising its rights, the Member shall act through
meetings and/or written consents as provided in this Article.Jump to an indexed page (65 of 65)