Chapter 13: LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
Subchapter 4: RIGHTS AND DUTIES OF MEMBERS AND MANAGERS ENACTED BY PL 1993, C. 718, PT. A, §1
§656. Remedies for breach of operating agreement by manager
An operating agreement may provide that: [1993, c. 718, Pt. A, §1 (NEW).]
1.Breach of operating agreement. A manager who fails to perform in accordance with, or to comply with the terms and conditions of, the operating agreement
is subject to specified penalties or specified consequences; and
[
1993, c. 718, Pt. A, §1 (NEW)
.]
2.Happening of specified events. At the time or upon the happening of events specified in the operating agreement, a manager is subject to specified penalties
or specified consequences.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
SECTION HISTORY
1993, c. 718, §A1 (NEW).
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