17-7696. Remedies for breach of operating agreement by manager.
17-7696
17-7696. Remedies for breach of operating agreement
by manager.
An operating agreement may provide that:
(a) A manager 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
manager shall be subject to specified penalties or specified consequences.
History: L. 1999, ch. 119, § 35; Jan. 1, 2000.