Section 347.090

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 347

Effective - 01 Dec 1993, see footnote   

  347.090.  Reliance by authorized person upon information — discharge of duties. — 1.  Unless he has knowledge concerning the matter in question that makes such reliance unwarranted, in discharging his duties under the operating agreement, an authorized person is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:

  (1)  One or more employees of the limited liability company whom such authorized person reasonably believes to be reliable and competent in the matters presented;

  (2)  Legal counsel, accountants, or other persons as to matters such authorized person reasonably believes are within such person's professional or expert competence; or

  (3)  A committee of managers or members of which he is not a constituent, if such authorized person reasonably believes that the committee merits confidence.

  2.  An authorized person is not liable for any action taken with respect to his duties under the operating agreement, or any failure to take such action, if he performs such duties in compliance with this section.

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(L. 1993 S.B. 66 & 20 § 359.750)

Effective 12-01-93