Subject to such standards and restrictions, if any, as are set forth in the articles of organization or a written operating agreement, a limited liability company may, and shall have the power to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever arising in connection with the limited liability company; provided, however, that no limited liability company shall have the power to indemnify any member or manager for any liability that may not be eliminated or limited by the articles of organization or a written operating agreement by reason of division (4)(A)(i) or (ii) of Code Section 14-11-305.
History. Code 1981, § 14-11-306 , enacted by Ga. L. 1993, p. 123, § 1.
Structure Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 11 - Limited Liability Companies
Article 3 - Agency; Management; Duties; Liability
§ 14-11-301. Agency of Members and Managers
§ 14-11-302. Limitations on Authority to Convey Real Property
§ 14-11-303. Liability to Third Parties
§ 14-11-307. Conflicting Interest Transactions
§ 14-11-308. Approval Rights of Members and Managers
§ 14-11-309. Action Without Meeting