S.C. Code Ann. § 33-43-301 – [Repealed eff January 1, 2001] Agency power of members and managers | Midpage
§ 33-43-301
S.C. Code Ann. § 33-43-301
[Repealed eff January 1, 2001] Agency power of members and managers
(A) Except as provided in subsection (B), every member is an agent of the limited liability company for the purpose of its business or affairs, and the act of any member including, but not limited to, the execution in the name of the limited liability company of any instrument, for apparently carrying on in the usual way the limited liability company business or businesses of the kind carried on by the limited liability company binds the limited liability company, unless the member so acting has, in fact, no authority to act for the limited liability company in the particular matter, and the person with whom the member is dealing has knowledge of the fact that the member has no such authority.
(B) If the articles of organization provide that management of the limited liability company is vested in a manager or managers:
(1) no member, solely by reason of being a member, is an agent of the limited liability company; and
(2) every manager is an agent of the limited liability company for the purpose of its business or affairs, and the act of any manager including, but not limited to, the execution in the name of the limited liability company of any instrument, for apparently carrying on in the usual way the limited liability company business or businesses of the kind carried on by the limited liability company binds the limited liability company, unless the manager so acting has, in fact, no authority to act for the limited liability company in the particular matter, and the person with whom the manager is dealing has knowledge of the fact that the manager has no such authority.
(C) An act of a manager or a member which is not apparently for the carrying on in the usual way the limited liability company business or business of the kind carried on by the limited liability company does not bind the limited liability company unless authorized in accordance with an operating agreement or the articles of organization.