Section 304-C:29 Remedies for Breach of Limited Liability Company Agreement by Member.
A limited liability company agreement may provide that:
I. A member who fails to perform in accordance with, or to comply with the terms and conditions of, the limited liability company agreement shall be subject to specified penalties or consequences; and
II. At the time or upon the occurrence of events specified in the limited liability company agreement, a member shall be subject to specified penalties or specified consequences.
Source. 1993, 313:1, eff. July 1, 1993.