§ 23-18-4-11 — Resignation of manager

Indiana § 23-18-4-11

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 4: Rights and Duties of Members and Managers

Text

(a) A manager may resign as a manager of
a limited liability company at the time or upon the happening of events
specified in an operating agreement and in accordance with the
operating agreement.
(b) A written operating agreement may provide that a manager does
not have the right to resign as a manager of a limited liability company.
Notwithstanding any provision in an operating agreement to the
contrary, a manager may resign as a manager of a limited liability
company at any time by giving written notice to the members and other
managers. If the resignation of a manager violates the operating
agreement, in addition to any remedies otherwise available under
applicable law, a limited liability company may recover from the
resigning manager damages for breach of the operating agreement and
offset the damages against the amount payable to the resigning
manager.

Legislative History

As added by P.L.8-1993, SEC.301.