Mississippi § 81-27-6 - 304.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-27-6 — 304., with citation guidance and answers to common questions.
§ 81-27-6. 304.
Management of a limited liability trust company is vested in the participants in proportion to each participant’s contribution to capital, as adjusted periodically to properly reflect any additional contribution. The articles of association may provide that management of a limited liability trust company is vested in a board of managers to be elected annually by the participants as prescribed by the bylaws. Participants of a limited liability trust company may not retain management and must elect a board of managers if: Any participant is disqualified from serving as a managing participant under Section 81-27-6.203; The limited liability trust company has fewer than five (5) or more than twenty-five (25) participants; or Any participant has been removed by the commissioner under Subarticle A of Article 6 of this chapter. The articles of association, bylaws, and participation agreement of a limited liability trust company may use the terms “director” and “board” instead of “manager” and “board of managers,” respectively.
Frequently Asked Questions About Mississippi § 81-27-6
What does Mississippi Code of 1972 Annotated § 81-27-6 cover?
Section 81-27-6 ("304.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 81-27-6?
A common citation format is "Mississippi Code of 1972 Annotated § 81-27-6" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 81-27-6 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.