(1) Each limited liability company formed and existing under this article may:
Sue and be sued, complain and defend, and participate in administrative or otherproceedings, in its name;
Purchase, take, receive, lease or otherwise acquire, own, hold, improve, use, andotherwise deal in and with real or personal property, or an interest in it, wherever situated;
Sell, convey, assign, encumber, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets;
Lend money to and otherwise assist its members and employees;
Purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use and deal in and with, shares or other interests in or obligations of any other person;
Make contracts and guarantees and incur liabilities, borrow money at such rates ofinterest as the limited liability company may determine, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of all or any part of its property, franchises, and income;
Lend money for its proper purposes, invest and reinvest its funds, and take and holdreal property and personal property for the payment of funds so loaned or invested;
Conduct its business, carry on its operations, and have and exercise the powers granted by this article in any jurisdiction;
Have managers and other agents;
Be a party to the operating agreement;
Indemnify a member or manager or former member or manager of the limited liability company as provided in section 7-80-407;
(Deleted by amendment, L. 2003, p. 2264, § 176, effective July 1, 2004.)
Have and exercise all powers necessary or convenient to effect any or all of thepurposes for which the limited liability company is formed;
Be an agent, an associate, a fiduciary, a manager, a member, a partner, a promoter, ora trustee of, or hold any similar position with, any entity, trust, or estate.
Source: L. 90: Entire article added, p. 415, § 1, effective April 18. L. 94: (1)(d) amended, p. 710, § 3, effective July 1. L. 2003: IP(1), (1)(e), (1)(h), (1)(j), (1)(l), (1)(m), and (1)(n) amended, p. 2264, § 176, effective July 1, 2004. L. 2004: (1)(k) amended, p. 936, § 2, effective July 1. L. 2006: (1)(i), (1)(j), and (1)(n) amended, p. 854, § 19, effective July 1.