Sec. 9. If set forth in writing, an operating agreement may provide that: (1) a manager who fails to perform and comply with the terms and conditions of the operating agreement is subject to penalties or consequences specified in the operating agreement; and (2) at the time or upon the happening of events specified in the operating agreement, a manager is subject to penalties or consequences specified in the operating agreement. As added by P.L.8-1993, SEC.301.
Managerial omissions; penalties or consequences
Ind. Code § 23-18-4-9, under Rights and Duties of Members and Managers.
Ind. Code § 23-18-4-9