Section 16Part 4 — Members and Managers
Limited liability company agreement
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The member or members of a limited liability company shall enter into a LLC agreement to regulate the business or affairs of the limited liability company and the conduct of its business or affairs.
Notwithstanding anything to the contrary that might be expressed in the LLC agreement, the LLC agreement shall be governed by Cayman Islands law.
The LLC agreement (other than a registra tion statement) is not required to be filed or registered with the Registrar.
A limited liability company is not required to execute its LLC agreement but is bound by the terms thereof whether or not signed by the limited liability company.
A limited liability company may, and shall have the power to —
indemnify and hold harmless any member or manager or other person from and against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses; and
advance expenses with respect to any indemnity granted by the limited liability company.