31 §656. Remedies for breach of operating agreement by manager (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 4: RIGHTS AND DUTIES OF MEMBERS AND MANAGERS

§656. Remedies for breach of operating agreement by manager

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

An operating agreement may provide that: [1993, c. 718, Pt. A, §1 (NEW).]

1. Breach of operating agreement. A manager who fails to perform in accordance with, or to comply with the terms and conditions of, the operating agreement is subject to specified penalties or specified consequences; and

[ 1993, c. 718, Pt. A, §1 (NEW) .]

2. Happening of specified events. At the time or upon the happening of events specified in the operating agreement, a manager is subject to specified penalties or specified consequences.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).