New Hampshire Revised Statutes 304-C:109 – Business Judgment Rule
Current as of: 2023 | Check for updates
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I. Unless the operating agreement provides otherwise, there shall be a rebuttable presumption that a manager has not breached the manager’s duty of care if, in the matter in question, the manager has acted:
(a) In accordance with contractual good faith;
(b) In a manner the manager reasonably believed to be in the best interest of the limited liability company; and
(c) On the basis of reasonably adequate information.
II. As used in this act, the phrase “contractual good faith” means good faith within the meaning of the implied contractual covenant of good faith and fair dealing as partially defined in N.H. Rev. Stat. § 304-C:111, II.
(a) In accordance with contractual good faith;
(b) In a manner the manager reasonably believed to be in the best interest of the limited liability company; and
(c) On the basis of reasonably adequate information.
II. As used in this act, the phrase “contractual good faith” means good faith within the meaning of the implied contractual covenant of good faith and fair dealing as partially defined in N.H. Rev. Stat. § 304-C:111, II.