The articles of organization or operating agreement may provide that the business of the limited liability company shall be managed without designated managers. So long as such provision continues in effect:

1. 1. The members shall be deemed to be managers for purposes of applying provisions of this act, unless the context clearly requires otherwise;
2. 2. The members shall have and be subject to all duties and liabilities of managers; and
3. 3. A member signing on behalf of the limited liability company shall sign as a manager.

Added by Laws 1992, SB 456, c. 148, § 16, eff. September 1, 1992; Amended by Laws 1993, SB 527, c. 366, § 8, eff. September 1, 1993.