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NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.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-37: Resignation of manager.
37. A manager may resign as a manager of a limited liability company at the time or upon the happening of events specified in an operating agreement and in accordance with the operating agreement. An operating agreement may provide that a manager shall not have the right to resign as a manager of a limited liability company. Notwithstanding that an operating agreement provides that a manager does not have the right to resign as a manager of a limited liability company, a manager may resign as a manager of a limited liability company at any time by giving written notice to the member or members, as the case may be, and other managers. If the resignation of a manager violates an operating agreement, in addition to any remedies otherwise available under applicable law, a limited liability company may recover from the resigning manager damages for breach of the operating agreement and offset the damages against the amount otherwise distributable to the resigning manager.
L.1993,c.210,s.37; amended 1998, c.79, s.7.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:2b-37 (if available):
Court decisions that cite this statute:
CLICK HERE.