Common use of Liability for Actions Clause in Contracts

Liability for Actions. (a) No Member, Director/Manager or Officer/Manager shall be liable for any action taken on behalf of the Company or any failure to take any action if he performed the duties of his office in compliance with Section 1314 of the Act. A Member, Director/Manager or Officer/Manager shall account to the Company and hold as trustee for it any profit or benefit derived by him, without the informed consent of a majority of the uninterested Members in accordance with Section 1318(C) of the Act, from any transaction connected with the conduct or winding up of the Company or from any personal use by him of its property.

Liability for Actions. (a) No Member, Director/Manager or Officer/Manager shall be liable for any action taken on behalf of the Company or any failure to take any action if he performed the duties of his office in compliance with Section 1314 of the Act. A Member, Director/Manager or Officer/Manager shall account to the Company and hold as trustee for it any profit or benefit derived by him, without the informed consent of a majority of the uninterested Members in accordance with Section 1318(C131 8(C) of the Act, from any transaction connected with the conduct or winding up of the Company or from any personal use by him of its property.

Liability for Actions. (a) No Member, Director/Manager or Officer/Manager shall be liable for any action taken on behalf of the Company or any failure to take any action if he performed the duties of his office in compliance with Section 1314 of the Act. A Member, Director/Manager or Officer/Manager shall account to the Company and and. hold as trustee for it any profit or benefit derived by him, without the informed consent of a majority of the uninterested Members in accordance with Section 1318(C) of the Act, from any transaction connected with the conduct or winding up of the Company or from any personal use by him of its property.