48-101-705 - Standard of conduct for LLC members Indemnification Limitation on actions Application to private foundations. - Tennessee Statutes

48-101-705. Standard of conduct for LLC members Indemnification Limitation on actions Application to private foundations.

(a)  The standards of conduct established in §§ 48-58-301, 48-58-302, 48-58-303, 48-58-304, and 48-58-403 applicable to the directors, officers, employees and agents of the nonprofit corporation that is the sole member of a nonprofit LLC shall likewise apply to the governors, managers, employees and agents of the nonprofit LLC.

(b)  The indemnification provisions of chapter 58, part 5 of this title applicable to the directors, officers, employees and agents of the nonprofit corporation that is the sole member of a nonprofit LLC shall likewise apply to the governors, managers, employees and agents of the nonprofit LLC.

(c)  The limitation of actions and immunity from actions provided in chapter 58, part 6 of this title applicable to the directors, officers, trustees and members of the nonprofit corporation that is the sole member of a nonprofit LLC shall likewise apply to the governors and managers of the nonprofit LLC.

(d)  The attorney general and reporter shall have such authority, rights and obligations over nonprofit LLCs as the attorney general and reporter have over nonprofit corporations pursuant to chapters 51-68 of this title.

(e)  If the nonprofit corporation that is the sole member of the nonprofit LLC is a “private foundation” as defined in § 509(a) of the Internal Revenue Code of 1986 (26 U.S.C. § 509(a)), the requirements of § 48-51-501 shall likewise apply to the nonprofit LLC.

[Acts 2001, ch. 418, § 1.]