Section 304-C:78 Construction and Application of Chapter and Limited Liability Company Agreement. - New Hampshire Statutes

   I. The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.
   II. It is the policy of this chapter to give the maximum effect to the principle of freedom of contract and to the enforceability of limited liability company agreements.
   III. To the extent that, at law or in equity, a member or manager has duties, including fiduciary duties, and liabilities relating to such duties to a limited liability company or to another member or manager:
      (a) Any such member or manager acting under a limited liability company agreement shall not be liable to the limited liability company or to any such other member or manager for the member's or manager's good faith reliance on the provisions of the limited liability company agreements.
      (b) Subject to RSA 304-C:31, IV, the member's or manager's duties and liabilities may be expanded or restricted by provisions in a limited liability company agreement.

Source. 1993, 313:1, eff. July 1, 1993.