304-C:114 Remedies for Breaches of Operating Agreements by Managers. –
I. An operating agreement may provide that a manager who fails to perform in accordance with, or to comply with the terms and conditions of, the operating agreement shall be subject to specified penalties or specified consequences; and
II. An operating agreement may provide that at the time or upon the occurrence of events specified in the operating agreement, a manager shall be subject to specified penalties or consequences.
Source. 2012, 232:2, eff. Jan. 1, 2013.