17-7696.   Remedies for breach of operating agreementby manager.An operating agreement may provide that:

      (a)   A manager who fails to perform in accordance with, or to comply with theterms andconditions of, the operating agreement shall be subject to specified penaltiesor specifiedconsequences; and

      (b)   at the time or upon the happening of events specified in the operatingagreement, amanager shall be subject to specified penalties or specified consequences.

      History:   L. 1999, ch. 119, § 35; Jan. 1, 2000.