Sec. 216.
Except as otherwise provided in an operating agreement, a limited liability company may do any of the following:
(a) Indemnify, hold harmless, and defend a member, manager, or other person from and against any and all losses, expenses, claims, and demands sustained by that person, except that the company may not indemnify a person for conduct described in section 407(a), (b), or (c).
(b) Purchase and maintain insurance on behalf of a member, manager, or other person against any liability or expense asserted against or incurred by that person, whether or not the company may indemnify that person under subdivision (a).
History: Add. 2010, Act 290, Imd. Eff. Dec. 16, 2010
Structure Michigan Compiled Laws
Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200)
Article 2 - (450.4201...450.4216)
Section 450.4201 - Limited Liability Company; Purpose.
Section 450.4203 - Articles of Organization; Contents.
Section 450.4204a - Limited Liability Company Licensed as Nursing Home; Use of Terms.
Section 450.4205 - Reserving Right to Use of Name; Application; Transfer of Right.
Section 450.4207a - Certificate of Good Standing.
Section 450.4210 - Limited Liability Company; Powers.
Section 450.4211 - Validity of Action or Transfer of Property; Asserting Lack of Capacity or Power.
Section 450.4212 - Interest Rate; Agreement.
Section 450.4213 - Registered Office or Principal Place of Business; Documents Required to Be Kept.
Section 450.4214 - Conflict Between Articles of Organization and Operating Agreement.