31 §642. Admissions of members and managers (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 3: RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH A LIMITED LIABILITY COMPANY
§642. Admissions of members and managers
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Admission or representation by member. Except as provided in subsection 2, an admission or representation made by a member concerning the business or affairs of a limited liability company within the scope of a member's authority as provided for by this chapter is evidence against that limited liability company.
[ 1997, c. 633, §13 (AMD) .]
2. Admission or representation by manager. If the articles of organization provide that management of a limited liability company is vested in a manager or managers:
A. An admission or representation made by a manager concerning the business or affairs of a limited liability company within the scope of the manager's authority as provided for by this chapter is evidence against that limited liability company; and [1993, c. 718, Pt. A, §1 (NEW).]
B. An admission or representation of a member, acting solely in that member's capacity as a member, does not constitute evidence against a limited liability company. [1993, c. 718, Pt. A, §1 (NEW).]
[ 1997, c. 633, §13 (AMD) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 1997, c. 633, §13 (AMD). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).