17-7697. Reliance on reports and information by member or manager.
17-7697
17-7697. Reliance on reports and information by
member or manager.
A member or manager of a limited liability company shall be
fully protected in
relying in good faith upon the records of the limited liability company and
upon such information,
opinions, reports or statements presented to the limited liability company by
any of its other
managers, members, officers, employees or committees of the limited liability
company, or by any
other person, as to matters the member or manager reasonably believes are
within such other person's
professional or expert competence and who has been selected with reasonable
care by or on behalf
of the limited liability company, including information, opinions, reports or
statements as to the
value and amount of the assets, liabilities, profits or losses of the limited
liability company or any
other facts pertinent to the existence and amount of assets from which
distributions to members
might properly be paid.
History: L. 1999, ch. 119, § 36; Jan. 1, 2000.