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7.03 Banking. The funds of the Company shall be kept in one or more separate
bank accounts in the name of the Company in such banks or other federally insured
depositories, or shall otherwise be invested in the name of the Company in such manner
and upon such terms and conditions as may be designated by the Board of Managers.
All withdrawals from any such bank accounts or invesiments established by the Board of
Managers hereunder shall be made on such signature or signatures as may be authorized
from time to time by the Board of Managers. Any account opened for the Company shall
not be commingled with other funds of the Board of Managers or other interested persons.
7.04 Power of Attorney.
(a) | Each Member does hereby irrevocably constitute and appoint the Board of
Managers serving in office from time to time, and each of them, as such Member's true
and lawful attorney, in his name, place and stead, to make, execute, consent to, swear
to, acknowledge, record and file from time to time any and all of the following:
(i) Any certificate or other instrument that may be required to be filed by the
Company or the Members under the laws of the Commonwealth of Virginia or
under the applicable laws of any other jurisdiction in order to conduct business in
any such jurisdiction, to the extent the Board of Managers deem any such filing to
be necessary or desirable.
(ii) Any amendment to the Articles adopted as provided in this Operating
Agreement.
(iii) Any certificates or other instruments that may be required to effectuate the
dissolution and termination of the Company pursuant to the provisions of this
‘Operating Agreement.
(b) It is expressly understood, intended and agreed by each Member for
himself, his successors and assigns that the grant of the power of attorney to the Board
of Managers pursuant to subsection (a) is coupled with an interest, is irrevocable, and
shall survive the death or legal incompetency of the Member or such assignment of his
Membership Interest.
(c) One of the ways that the aforementioned power of attorney may be
exercised is by listing the names of the Members and having the signature of the
members of the Board of Managers, as attorney-in-fact, appear with the notation that the
signatory is signing as attorney-in-fact of the listed Members.
ARTICLE VIII
DISSOLUTION AND TERMINATION
8.01 Events of Dissolution. The Company shall be dissolved upon the first to
occur of the following:Jump to an indexed page (65 of 65)