Sec. 9. If set forth in writing, an operating agreement may provide that:
(1) a manager who fails to perform and comply with the terms and conditions of the operating agreement is subject to penalties or consequences specified in the operating agreement; and
(2) at the time or upon the happening of events specified in the operating agreement, a manager is subject to penalties or consequences specified in the operating agreement.
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