Managerial omissions; penalties or consequences

Ind. Code § 23-18-4-9
in effect
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Sec. 9. If set forth in writing, an operating agreement may provide that: (1) a manager who fails to perform and comply with the terms and conditions of the operating agreement is subject to penalties or consequences specified in the operating agreement; and (2) at the time or upon the happening of events specified in the operating agreement, a manager is subject to penalties or consequences specified in the operating agreement. As added by P.L.8-1993, SEC.301.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026

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