304-C:107 Expansion, Restriction and Elimination of Duties. –
To the extent that, at law or in equity, a member or manager or other person has duties, including fiduciary duties, to a limited liability company or to another member or manager or to another person that is a party to or is otherwise bound by an operating agreement, the member’s or manager’s or other person’s duties may be expanded or restricted or eliminated by provisions in the operating agreement; provided, that the operating agreement may not eliminate the implied contractual covenant of good faith and fair dealing.
Source. 2012, 232:2, eff. Jan. 1, 2013.