Tennessee Code 48-239-105 – Compensation
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Terms Used In Tennessee Code 48-239-105
- board of governors: means the board of governors of an LLC electing to be board-managed or, in the case of a foreign limited liability company, its equivalent. See Tennessee Code 48-202-101
- Operating agreement: means a written agreement described in §. See Tennessee Code 48-202-101
Subject to any limitations in the articles or operating agreement, the board of governors may fix the compensation of governors for the following board. Such compensation is subject to approval by the members. If the initial board of governors is selected by the organizers, that board’s compensation, if any, shall be retroactively established by the members at the first meeting of the members.