An operating agreement may provide that:
- (a) A manager who fails to perform in accordance with, or to comply with the terms and conditions of, the operating agreement shall be subject to specified penalties or specified consequences; and
- (b) at the time or upon the happening of events specified in the operating agreement, a manager shall be subject to specified penalties or specified consequences.
L. 1999, ch. 119, § 35; January 1, 2000.