Sec. 12. Except when prohibited in a written operating agreement, a member or manager may lend money to and transact other business with the limited liability company and, subject to other applicable law, has the same rights and obligations with respect to the transaction as a person who is not a member or manager.
As added by P.L.8-1993, SEC.301.
Structure Indiana Code
Title 23. Business and Other Associations
Article 18. Limited Liability Companies
Chapter 4. Rights and Duties of Members and Managers
23-18-4-1. Authority of Members or Managers
23-18-4-3. Affirmative Vote, Approval, or Consent; Requirements
23-18-4-4. Written Operating Agreement
23-18-4-5. Operating Agreements; Objectives
23-18-4-6. Initial Operating Agreement; Amendments; Power of Attorney
23-18-4-7. Enforcement of Operating Agreement; Injunctive or Other Relief
23-18-4-8. Records; Inspection; Full Disclosure; Omissions
23-18-4-9. Managerial Omissions; Penalties or Consequences
23-18-4-10. Good Faith Reliance on Records by Members or Managers; Liability
23-18-4-11. Resignation of Manager