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Current as of March 28, 2024 | Updated by Findlaw Staff
(a) An operating agreement may not vary the effect of:
(1) this section;
(2) section 4-37-103;
(3) section 4-37-104(a);
(4) section 4-37-104(b) to provide a protected series a power beyond the powers the Uniform Limited Liability Company Act, § 4-38-101 et seq., provides a limited liability company;
(5) section 4-37-104(c) or § 4-37-104(d);
(6) section 4-37-105;
(7) section 4-37-106;
(8) section 4-37-108;
(9) section 4-37-201, except to vary the manner in which a limited liability company approves establishing a protected series;
(10) section 4-37-202;
(11) section 4-37-301;
(12) section 4-37-302;
(13) section 4-37-303(a) or § 4-37-303(b);
(14) section 4-37-304(c), § 4-37-304(f), or § 4-37-304(g);
(15) section 4-37-401, except to decrease or eliminate a limitation of liability stated in § 4-37-401;
(16) section 4-37-402;
(17) section 4-37-403;
(18) section 4-37-404;
(19) section 4-37-501(1), § 4-37-501(4), and § 4-37-501(5);
(20) section 4-37-502, except to designate a different person to manage winding up;
(21) section 4-37-503;
(24) sections 4-37-801 et seq., except to vary:
(A) the manner in which a series limited liability company may elect under § 4-37-803(a)(2) to be subject to this chapter; or
(B) the person that has the right to sign and deliver to the Secretary of State for filing a record under § 4-37-803(b)(2); or
(25) a provision of this chapter pertaining to:
(A) registered agents; or
(B) the Secretary of State, including provisions pertaining to records authorized or required to be delivered to the Secretary of State for filing under this chapter.
(b) An operating agreement may not unreasonably restrict the duties and rights under § 4-37-305 but may impose reasonable restrictions on the availability and use of information obtained under § 4-37-305 and may provide appropriate remedies, including liquidated damages, for a breach of any reasonable restriction on use.
Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-37-107. Additional limitations on operating agreement - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-37-107/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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