347.090. Reliance by authorized person upon information--discharge of duties. - Missouri Statutes

Reliance by authorized person upon information--discharge of duties.

347.090. 1. Unless he has knowledge concerning the matterin question that makes such reliance unwarranted, in discharginghis duties under the operating agreement, an authorized person isentitled to rely on information, opinions, reports or statements,including financial statements and other financial data, ifprepared or presented by:

(1) One or more employees of the limited liability companywhom such authorized person reasonably believes to be reliableand competent in the matters presented;

(2) Legal counsel, accountants, or other persons as tomatters such authorized person reasonably believes are withinsuch person's professional or expert competence; or

(3) A committee of managers or members of which he is not aconstituent, if such authorized person reasonably believes thatthe committee merits confidence.

2. An authorized person is not liable for any action takenwith respect to his duties under the operating agreement, or anyfailure to take such action, if he performs such duties incompliance with this section.

(L. 1993 S.B. 66 & 20 § 359.750)

Effective 12-1-93