New Hampshire Revised Statutes 304-C:113 – Defense of Reliance on Certain Limited Liability Company Information and Opinions, Etc
Current as of: 2023 | Check for updates
|
Other versions
I. In any matter relating to the limited liability company, a manager of a limited liability company shall be fully protected from personal liability in relying, in accordance with contractual good faith, upon information, opinions, reports or statements presented to the limited liability company:
(a) By any of its other managers, members, officers, employees, or committees of the limited liability company; or
(b) By any other person if the manager reasonably believes the matters in question are within the other person’s professional or expert competence.
II. The information covered by paragraph I shall include information, opinions, reports, or statements as to the value and amount of the assets, liabilities, profits, or losses of the limited liability company and as to any other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid.
(a) By any of its other managers, members, officers, employees, or committees of the limited liability company; or
Terms Used In New Hampshire Revised Statutes 304-C:113
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
(b) By any other person if the manager reasonably believes the matters in question are within the other person’s professional or expert competence.
II. The information covered by paragraph I shall include information, opinions, reports, or statements as to the value and amount of the assets, liabilities, profits, or losses of the limited liability company and as to any other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid.