450.4407 Managers; eliminating or limiting liability; exceptions.
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450.4407 Managers; eliminating or limiting liability; exceptions.
Sec. 407.
A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following:
(a)The receipt of a financial benefit to which the manager is not entitled.
(b)Liability under section 308.
(c)A knowing violation of law.
(d)An act or omission occurring before the date when the provision becomes effective.
History: 1993, Act 23, Eff. June 1, 1993