This excerpt taken from the MGLN 10-Q filed Jul 28, 2006.
Officers). Each Officer shall be appointed to serve until his or her respective successor is appointed and qualified. The same person may hold two or more offices. Each Officer will have the authority to execute agreements on behalf of the Company with respect to those documents which are commonly signed by such officers of a business corporation formed under the Delaware General Corporation Law.
Unless the Board of Managers decides otherwise, if the title assigned to an Officer is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office.
Any Officer designated by the Board of Managers may be removed, either for or without cause, at any time by the Board of Managers. Any Officer who is not a member of the Board of Managers may be removed from office by the President.
Any Officer or agent may resign at any time by giving written notice to the Board of Managers. Any such resignation shall take effect at the date of the receipt of such notice or at any later time specified therein and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.
A vacancy in any office because of death, resignation, removal, disqualification, or any other cause, shall be filled by any such person as may be appointed by the Board of Managers.
SECTION 6.03. Exculpation and Indemnification. None of the Members, Managers or Officers (each an