Kansas Statutes Annotated
Updated Through the 2013 Legislative Session

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Statute Number:17-7696
Chapter Title:CORPORATIONS
Article Title:LIMITED LIABILITY COMPANIES
Tax Type:Corporate Income Tax; Corporation Franchise Tax
Brief Description:Remedies for breach of operating agreement by manager.
Keywords:


Body:

17-7696. Remedies for breach of operating agreement by manager. An operating agreement may provide that:
(a) 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
(b) at the time or upon the happening of events specified in the operating agreement, a manager shall be subject to specified penalties or specified consequences.
History: L. 1999, ch. 119, 35; Jan. 1, 2000.


Date Composed: 04/04/2011 Date Modified: 04/04/2011

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