2015 Minnesota Statutes
Chapters 300 - 323A — BUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS
Chapter 322B — LIMITED LIABILITY COMPANIES
Section 322B.69 — STANDARD OF CONDUCT.
A manager shall discharge the duties of an office in good faith, in a manner the manager reasonably believes to be in the best interests of the limited liability company, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. A person who so performs those duties is not liable by reason of being or having been a manager of the limited liability company. A person exercising the principal functions of an office or to whom some or all of the duties and powers of an office are delegated pursuant to section 322B.689 is considered a manager for purposes of this section and sections 322B.38 and 322B.699.
History:1992 c 517 art 2 s 92; 2014 c 157 art 1 s 91; 2014 c 170 s 33
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