Michigan Compiled Laws
Article 4 - (450.4401...450.4409)
Section 450.4407 - Managers; Eliminating or Limiting Liability; Exceptions.

Sec. 407.
A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:
(a) The receipt of a financial benefit to which the manager is not entitled.
(b) Liability under section 308.
(c) A knowing violation of law.
(d) An act or omission occurring before the date when the provision becomes effective.
History: 1993, Act 23, Eff. June 1, 1993

Structure Michigan Compiled Laws