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NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.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-28: Manager as member
28. A manager of a limited liability company may make contributions to the limited liability company and share in the profits and losses of, and in distributions from, the limited liability company as a member. A person who is both a manager and a member has the rights and powers, and is subject to the restrictions and liabilities, of a manager and, except as provided in an operating agreement, also has the rights and powers, and is subject to the restrictions and liabilities, of a member to the extent of his participation in the limited liability company as a member.
L.1993,c.210,s.28.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:2b-28 (if available):
Court decisions that cite this statute:
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