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2021 Indiana Code
Title 23. Business and Other Associations
Article 18. Limited Liability Companies
Chapter 4. Rights and Duties of Members and Managers
23-18-4-9. Managerial Omissions; Penalties or Consequences
Universal Citation:
IN Code § 23-18-4-9 (2021)
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Sec. 9. If set forth in writing, an operating agreement may provide that:
(1) a manager who fails to perform and comply with the terms and conditions of the operating agreement is subject to penalties or consequences specified in the operating agreement; and
(2) at the time or upon the happening of events specified in the operating agreement, a manager is subject to penalties or consequences specified in the operating agreement.
As added by P.L.8-1993, SEC.301.
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