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2019 Michigan Compiled Laws
Chapter 450 - Corporations
Act 23 of 1993 Michigan Limited Liability Company Act (450.4101 - 450.5200)
Article 2 - (450.4201...450.4216)
Section 450.4216 Limited Liability Company; Powers.
Universal Citation: MI Comp L § 450.4216 (2019)
450.4216 Limited liability company; powers.
Sec. 216.
Except as otherwise provided in an operating agreement, a limited liability company may do any of the following:
(a) Indemnify, hold harmless, and defend a member, manager, or other person from and against any and all losses, expenses, claims, and demands sustained by that person, except that the company may not indemnify a person for conduct described in section 407(a), (b), or (c).
(b) Purchase and maintain insurance on behalf of a member, manager, or other person against any liability or expense asserted against or incurred by that person, whether or not the company may indemnify that person under subdivision (a).
History: Add. 2010, Act 290, Imd. Eff. Dec. 16, 2010
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