§ 7-16-14. Management by members.
Unless the articles of organization or a written operating agreement provide for management by or under the authority of one or more managers in accordance with § 7-16-15, the business and affairs of the limited-liability company shall be managed by the members. If management is vested in the members:
(1) The members are deemed to be managers for purposes of applying the provisions of this chapter unless the context clearly requires otherwise; and
(2) Each of the members has the power and authority and is subject to all duties and liabilities of managers.
(P.L. 1992, ch. 280, § 1; P.L. 1997, ch. 188, § 5.)