There is a newer version of the New Jersey Revised Statutes
2009 New Jersey Code
TITLE 42 - PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Section 42:2B
42:2B-26 - Provisions of operating agreement on performance of members
42:2B-26. Provisions of operating agreement on performance of members
26. An operating agreement may provide that a member who fails to perform in accordance with, or to comply with the terms and conditions of, the operating agreement shall be subject to specified penalties or specified consequences, and at the time or upon the happening of events specified in the operating agreement, a member shall be subject to specified penalties or specified consequences. Unless otherwise provided in the operating agreement, a member shall not be personally liable for failure to perform in accordance with, or to comply with the terms and conditions of, the operating agreement or for any other reason unless such failure to perform or to comply or such other reason constitutes gross negligence or willful misconduct by the member. The operating agreement may, in any event, eliminate or limit the personal liability of the member for such failure to perform or to comply or for such other reason. L.1993,c.210,s.26.
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