Section 450.4407 - Managers; eliminating or limiting liability; exceptions. - Michigan Statutes

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Statutes > Michigan > Chapter-450 > Act-23-of-1993 > 23-1993-4 > Section-450-4407

MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT)
Act 23 of 1993

450.4407 Managers; eliminating or limiting liability; exceptions.

Sec. 407.

A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:

(a) The receipt of a financial benefit to which the manager is not entitled.

(b) Liability under section 308.

(c) A knowing violation of law.

(d) An act or omission occurring before the date when the provision becomes effective.

History: 1993, Act 23, Eff. June 1, 1993

State Codes and Statutes

Statutes > Michigan > Chapter-450 > Act-23-of-1993 > 23-1993-4 > Section-450-4407

MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT)
Act 23 of 1993

450.4407 Managers; eliminating or limiting liability; exceptions.

Sec. 407.

A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:

(a) The receipt of a financial benefit to which the manager is not entitled.

(b) Liability under section 308.

(c) A knowing violation of law.

(d) An act or omission occurring before the date when the provision becomes effective.

History: 1993, Act 23, Eff. June 1, 1993

State Codes and Statutes

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State Codes and Statutes

Statutes > Michigan > Chapter-450 > Act-23-of-1993 > 23-1993-4 > Section-450-4407

MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT)
Act 23 of 1993

450.4407 Managers; eliminating or limiting liability; exceptions.

Sec. 407.

A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:

(a) The receipt of a financial benefit to which the manager is not entitled.

(b) Liability under section 308.

(c) A knowing violation of law.

(d) An act or omission occurring before the date when the provision becomes effective.

History: 1993, Act 23, Eff. June 1, 1993