Indiana Statutes
§ 23-18-4-9 — Managerial omissions; penalties or consequences
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 18 LIMITED LIABILITY COMPANIES·Ch. 4 Rights and Duties of Members and Managers
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.
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Legislative History
As added by P.L.8-1993, SEC.301.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"