2011 Michigan Compiled Laws
Chapter 450 — CORPORATIONS
Act 23 of 1993 — MICHIGAN LIMITED LIABILITY COMPANY ACT (450.4101 - 450.5200)
23-1993-4 — ARTICLE 4 (450.4401...450.4409)
Section 450.4407 — Managers; eliminating or limiting liability; exceptions.
MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT)
Act 23 of 1993
450.4407 Managers; eliminating or limiting liability; exceptions.
Sec. 407.
A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:
(a) The receipt of a financial benefit to which the manager is not entitled.
(b) Liability under section 308.
(c) A knowing violation of law.
(d) An act or omission occurring before the date when the provision becomes effective.
History: 1993, Act 23, Eff. June 1, 1993
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