Del. Code tit. 6 § 18-111

Current through 2024 Legislative Session Act Chapter 531

Section 18-111 - Interpretation and enforcement of limited liability company agreement

Any action to interpret, apply or enforce the provisions of a limited liability company agreement, or the duties, obligations or liabilities of a limited liability company to the members or managers of the limited liability company, or the duties, obligations or liabilities among members or managers and of members or managers to the limited liability company, or the rights or powers of, or restrictions on, the limited liability company, members or managers, or any provision of this chapter, or any other instrument, document, agreement or certificate contemplated by any provision of this chapter, may be brought in the Court of Chancery.

As used in this section, the term "manager" refers to a person:

(1) Who is a manager as defined in § 18-101(10) of this title; and

(2) Whether or not a member of a limited liability company, who, although not a manager as defined in § 18-101(10) of this title, participates materially in the management of the limited liability company;

provided however, that the power to elect or otherwise select or to participate in the election or selection of a person to be a manager as defined in § 18-101(10) of this title shall not, by itself, constitute participation in the management of the limited liability company.

6 Del. C. § 18-111

69 Del. Laws, c. 260, §6; 76 Del. Laws, c. 387, § 3; 77 Del. Laws, c. 58, § 1.;