| PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.
New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 2b:
Section: 42:2b-31: Protection for member, manager for reliance on information.
31. A member or manager of a limited liability company shall be fully protected in relying in good faith upon the records of the limited liability company and upon such information, opinions, reports or statements presented to the limited liability company by any of its other managers, members, officers, employees, or committees of the limited liability company, or by any other person, as to matters the member or manager reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the limited liability company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the limited liability company or any other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid. For purposes of this section, a member or manager who is the person responsible for the making of any records of a limited liability company may only rely on those records in good faith if that reliance is reasonable.
L.1993,c.210,s.31; amended 1998, c.79, s.6.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:2b-31 (if available):
Court decisions that cite this statute:
CLICK HERE.