Section 10-12-19 Business transactions of a member with the limited liability company. - Alabama Statutes

Section 10-12-19

Business transactions of a member with the limited liability company.

Except as otherwise provided in the operating agreement, a member may lend money to and transact any lawful business with the limited liability company and, subject to other applicable law, have the same rights and obligations with respect thereto as a person who is not a member.

(Acts 1993, No. 93-724, p. 1425, §19.)