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NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.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-26: Provisions of operating agreement on performance of members

           26. An operating agreement may provide that a member 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 at the time or upon the happening of events specified in the operating agreement, a member shall be subject to specified penalties or specified consequences. Unless otherwise provided in the operating agreement, a member shall not be personally liable for failure to perform in accordance with, or to comply with the terms and conditions of, the operating agreement or for any other reason unless such failure to perform or to comply or such other reason constitutes gross negligence or willful misconduct by the member. The operating agreement may, in any event, eliminate or limit the personal liability of the member for such failure to perform or to comply or for such other reason.

L.1993,c.210,s.26.



This section added to the Rutgers Database: 2012-09-26 13:37:53.






Older versions of 42:2b-26 (if available):



Court decisions that cite this statute: CLICK HERE.