2006 Minnesota Statutes
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Chapter 322B
Section 322B.69
Recent History
- 2014 322B.69 Amended 2014 c 170 s 33
- 2014 322B.69 Repealed 2014 c 157 art 1 s 91
This is an historical version of this statute chapter. Also view the most recent published version.
322B.69 STANDARD OF CONDUCT.
A manager shall discharge the duties of an office in good faith, in a manner the manager
reasonably believes to be in the best interests of the limited liability company, and with the care
an ordinarily prudent person in a like position would exercise under similar circumstances. A
person exercising the principal functions of an office or to whom some or all of the duties and
powers of an office are delegated pursuant to section 322B.689 is considered a manager for
purposes of this section and sections 322B.38 and 322B.699.
History: 1992 c 517 art 2 s 92
A manager shall discharge the duties of an office in good faith, in a manner the manager
reasonably believes to be in the best interests of the limited liability company, and with the care
an ordinarily prudent person in a like position would exercise under similar circumstances. A
person exercising the principal functions of an office or to whom some or all of the duties and
powers of an office are delegated pursuant to section 322B.689 is considered a manager for
purposes of this section and sections 322B.38 and 322B.699.
History: 1992 c 517 art 2 s 92
Official Publication of the State of Minnesota
Revisor of Statutes