(1.5) To the extent that a member or manager or other person that is a party to, or is otherwise bound by, the operating agreement has duties, including, but not limited to, fiduciary duties, to a limited liability company or to another member, manager, or other person that is a party to or is otherwise bound by an operating agreement, the duties of such member, manager, or other person may be restricted or eliminated by provisions in the operating agreement, as long as any such provision is not manifestly unreasonable.
Source: L. 94: Entire section added, p. 711, § 5, effective July 1. L. 97: IP(3) and (3)(b) amended, p. 1503, § 12, effective June 3. L. 2003: (2)(d) amended, p. 2265, § 177, effective July 1, 2004. L. 2004: (2) and (3) amended and (4) added, p. 936, § 3, effective July 1. L. 2005: (2)(d) amended, p. 1203, § 2, effective October 1. L. 2006: (1) and (2) amended and (1.5) and (2.5) added, p. 855, § 20, effective July 1. L. 2016: (5) added, (HB 16-1329), ch. 242, p. 988, § 3, effective August 10.
Structure Colorado Code
Title 7 - Corporations and Associations
Article 80 - Limited Liability Companies
Part 1 - Definition and Application
§ 7-80-103. Nature of Business
§ 7-80-105. Unauthorized Assumption of Powers
§ 7-80-106. Transaction of Business Outside State
§ 7-80-107. Application of Corporation Case Law to Set Aside Limited Liability
§ 7-80-108. Effect of Operating Agreement - Nonwaivable Provisions - Statute of Frauds