Arkansas Code
Subchapter 1 - General Provisions
§ 4-37-107. Additional limitations on operating agreement

(a) An operating agreement may not vary the effect of:
(1) this section;
(2) section 4-37-103;
(3) section 4-37-104(a);
(4) section 4-37-104(b) to provide a protected series a power beyond the powers the Small Business Entity Tax Pass Through Act, § 4-32-101 et seq., provides a limited liability company;
(5) section 4-37-104(c) or § 4-37-104(d);
(6) section 4-37-105;
(7) section 4-37-106;
(8) section 4-37-108;
(9) section 4-37-201, except to vary the manner in which a limited liability company approves establishing a protected series;
(10) section 4-37-202;
(11) section 4-37-301;
(12) section 4-37-302;
(13) section 4-37-303(a) or § 4-37-303(b);
(14) section 4-37-304(c), § 4-37-304(f), or § 4-37-304(g);
(15) section 4-37-401, except to decrease or eliminate a limitation of liability stated in § 4-37-401;
(16) section 4-37-402;
(17) section 4-37-403;
(18) section 4-37-404;
(19) section 4-37-501(1), § 4-37-501(4), and § 4-37-501(5);
(20) section 4-37-502, except to designate a different person to manage winding up;
(21) section 4-37-503;
(22) sections 4-37-601 et seq.;
(23) sections 4-37-701 et seq.;
(24) sections 4-37-801 et seq., except to vary:
(A) the manner in which a series limited liability company may elect under § 4-37-803(a)(2) to be subject to this chapter; or
(B) the person that has the right to sign and deliver to the Secretary of State for filing a record under § 4-37-803(b)(2); or

(25) a provision of this chapter pertaining to:
(A) registered agents; or
(B) the Secretary of State, including provisions pertaining to records authorized or required to be delivered to the Secretary of State for filing under this chapter.


(b) An operating agreement may not unreasonably restrict the duties and rights under § 4-37-305 but may impose reasonable restrictions on the availability and use of information obtained under § 4-37-305 and may provide appropriate remedies, including liquidated damages, for a breach of any reasonable restriction on use.

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