A limited liability company shall reimburse a person who is or was a member or manager for payments made, and indemnify a person who is or was a member or manager for liabilities incurred by the person, in the ordinary course of the business of the limited liability company or for the preservation of its business or property, if such payments were made or liabilities incurred without violation of the person's duties to the limited liability company.
Source: L. 2004: Entire part R&RE, p. 940, § 6, effective July 1. L. 2006: Entire section amended, p. 859, § 26, effective July 1.
Editor's note: This section is similar to former § 7-80-410 as it existed prior to 2004.
Structure Colorado Code
Title 7 - Corporations and Associations
Article 80 - Limited Liability Companies
§ 7-80-401. Management of Limited Liability Company
§ 7-80-402. Designation of Managers
§ 7-80-403. Officers and Other Agents
§ 7-80-404. Duties of Members and Managers
§ 7-80-405. Members and Managers as Agents of the Limited Liability Company
§ 7-80-407. Reimbursement and Indemnification of Members and Managers
§ 7-80-408. Access to and Confidentiality of Information - Records - Accounting