17-7691. Remedies for breach of operating agreement by member.
17-7691
17-7691. Remedies for breach of operating agreement
by member.
An
operating agreement may provide that:
(a) A member who fails to perform in accordance with, or to comply with the
terms and
conditions of, the operating agreement shall be subject to specified penalties
or specified
consequences; and
(b) at the time or upon the happening of events specified in the operating
agreement, a
member shall be subject to specified penalties or specified consequences.
History: L. 1999, ch. 119, § 30; Jan. 1, 2000.