Section 301 – Standard of conduct for members.
Effective 5/14/2019 48-4-301. Standard of conduct for members. (1) When discharging a duty under this chapter, each member of a member-managed benefit company: (a) shall consider the effect of any action or inaction on: (i) the members of the benefit company; (ii) the employees and workforce of the benefit company; (iii) the interests of customers […]
Section 302 – Standard of conduct for managers and officers.
Effective 5/8/2018 48-4-302. Standard of conduct for managers and officers. (1) Each manager of a manager-managed benefit company shall consider the interests and factors described in Subsections 48-4-301(1) and (2) when discharging the manager’s duties under this chapter and the operating agreement. (2) If a benefit company has a person serving as an officer, the […]
Section 303 – Right of action.
Effective 5/8/2018 48-4-303. Right of action. (1) Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a benefit company or a benefit company’s member, manager, or officer with respect to: (a) failure to pursue or create general public benefit or a specific public benefit set forth […]