Delaware Statutes
§ 18-405 — Remedies for breach of limited liability company agreement by manager
A limited liability company agreement may provide that:
(1)A manager who fails to perform in accordance with, or to comply with the terms and conditions of, the limited liability company agreement shall be subject to specified penalties or specified consequences; and
(2)At the time or upon the happening of events specified in the limited liability company agreement, a manager shall be subject to specified penalties or specified consequences.
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Legislative History
68 Del. Laws, c. 434, § 1
Nearby Sections
15
§ 18-1001
Right to bring action§ 18-1002
Proper plaintiff§ 18-1003
Complaint§ 18-1004
Expenses§ 18-101
Definitions§ 18-102
Name set forth in certificate§ 18-103
Reservation of name§ 18-108
Indemnification