Under the section ” Actions Requiring Unanimous Consent of the Members”, what is meant by the option “Releasing any Company claim except for full consideration”?
Where the Company has a claim against another person or business entity or where a debt is owed to the Company it is in the best interest of the Company and the individual members if these obligations owed to the Company are paid in full. Whenever an obligation is to be released for less than full consideration it is important that the interests of each member is represented and each member is allowed to provide or reasonably withhold consent to the transaction.
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