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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 216. Except as otherwise provided in an operating agreement, a limited liability company may do any of the following:
(a) Indemnify, hold harmless, and defend a member, manager, or other person from and against any and all losses, expenses, claims, and demands sustained by that person, except that the company may not indemnify a person for conduct described in section 407(a), (b), or (c). 1
(b) Purchase and maintain insurance on behalf of a member, manager, or other person against any liability or expense asserted against or incurred by that person, whether or not the company may indemnify that person under subdivision (a).
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 450. Corporations § 450.4216 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-450-corporations/mi-comp-laws-450-4216/
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