§428-403 - Member's and manager's rights to payments and reimbursement.
[§428-403] Member's and manager's rights to
payments and reimbursement. (a) A limited liability company shall
reimburse a member or manager for payments made and indemnify a member or
manager for liabilities incurred by the member or manager in the ordinary
course of the business of the company or for the preservation of its business
or property.
(b) A limited liability company shall
reimburse a member for any advance to the company which exceeds the amount of
contribution the member agreed to make.
(c) A payment or advance made by a member
which gives rise to an obligation of a limited liability company under
subsection (a) or (b) constitutes a loan to the company upon which interest
accrues from the date of the payment or advance.
(d) A member is not entitled to remuneration
for services performed for a limited liability company, except for reasonable
compensation for services rendered in winding up the business of the company.
[L 1996, c 92, pt of §1]