§1557. Indemnification, advancement, reimbursement and insurance
A limited liability company may indemnify and hold harmless a member or other person, pay in advance or reimburse expenses incurred by a member or other person and purchase and maintain insurance on behalf of a member or other person. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
SECTION HISTORY
PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF).
Structure Maine Revised Statutes
TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 21: LIMITED LIABILITY COMPANIES
Subchapter 5: RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY
31 §1551. Admission of a member
31 §1552. Form of contribution
31 §1553. Liability for contributions
31 §1554. Sharing of and right to distributions
31 §1555. Limitations on distribution and liability for improper distributions
31 §1556. Activities and affairs of limited liability company
31 §1557. Indemnification, advancement, reimbursement and insurance
31 §1558. Right of members and dissociated members to information
31 §1559. Duties of members and other persons
31 §1560. Nature of professional limited liability company business