Opinion ID: 1895452
Heading Depth: 1
Heading Rank: 5

Heading: Policy of the Delaware Act

Text: The basic approach of the Delaware Act is to provide members with broad discretion in drafting the Agreement and to furnish default provisions when the members' agreement is silent. [25] The Act is replete with fundamental provisions made subject to modification in the Agreement ( e.g. unless otherwise provided in a limited liability company agreement....). [26] Although business planners may find comfort in working with the Act in structuring transactions and relationships, it is a somewhat awkward document for this Court to construe and apply in this case. To understand the overall structure and thrust of the Act, one must wade through provisions that are prolix, sometimes oddly organized, and do not always flow evenly. Be that as it may as a problem in mastering the Act as a whole, one returns to the narrow and discrete issues presented in this case.