Utah § 48-4-302 Standard of conduct for managers and officers.

Utah Statutes

§ 48-4-302 — Standard of conduct for managers and officers.

Utah·Title 48 Unincorporated Business Entity Act·Ch. 48-4 Benefit Limited Liability Company Act·Part 48-4-3 Accountability

(1)Each manager of a manager-managed benefit company shall consider the interests and factors described in Subsections 48-4-301(1) and (2) when discharging the manager's duties under this chapter and the operating agreement.

(2)If a benefit company has a person serving as an officer, the person shall consider the interests and factors described in Subsections 48-4-301(1) and (2) when discharging the person's duties under this chapter and the operating agreement if:

(2)(a) the officer has discretion to act with respect to the matter; and

(2)(b) it reasonably appears to the officer that the matter may have a material effect on the benefit company's creation of a general public benefit or a specific public benefit identified in the benefit company's certificate of organization.

(3)A manag

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(1) Each manager of a manager-managed benefit company shall consider the interests and factors described in Subsections 48-4-301(1) and (2) when discharging the manager's duties under this chapter and the operating agreement.
(2) If a benefit company has a person serving as an officer, the person shall consider the interests and factors described in Subsections 48-4-301(1) and (2) when discharging the person's duties under this chapter and the operating agreement if:

(2)(a) the officer has discretion to act with respect to the matter; and
(2)(b) it reasonably appears to the officer that the matter may have a material effect on the benefit company's creation of a general public benefit or a specific public benefit identified in the benefit company's certificate of organization.
(3) A manager's consideration of the interests and factors described in Subsections 48-4-301(1) and (2) does not constitute a violation of Section 48-3a-409.
(4) A manager or officer does not have a duty to a person who is a beneficiary of the benefit company's general public benefit purpose or a specific public benefit purpose arising from the person's status as a beneficiary.

Utah § 48-4-302 (Standard of conduct for managers and officers.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.