Okla. Stat. tit. 18, § 18-2063
This is the official text of Okla. Stat. tit. 18, § 18-2063, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Duties of members or managers
Official statutory text
Oklahoma Statutes - Title 18. Corporations Page 623
DUTIES OF MEMBERS OR MANAGERS.
A. The members or managers or other persons with authority to
manage or direct the business and affairs of a public benefit
limited liability company shall manage or direct the business and
affairs of the public benefit limited liability company in a manner
that balances the pecuniary interests of the members, the best
interests of those materially affected by the limited liability
company's conduct, and the specific public benefit or public
benefits set forth in its articles of organization. Unless
otherwise provided in an operating agreement, no member, manager or
other person with authority to manage or direct the business and
affairs of the public benefit limited liability company shall have
any liability for monetary damages for the failure to manage or
direct the business and affairs of the public benefit limited
liability company as provided in this subsection.
B. A member or manager of a public benefit limited liability
company or any other person with authority to manage or direct the
business and affairs of the public benefit limited liability company
shall not, by virtue of the public benefit provisions or subsection
B of Section 23 of this act, have any duty to any person on account
of any interest of such person in the public benefit or public
benefits set forth in its articles of organization or operating
agreement or on account of any interest materially affected by the
limited liability company's conduct and, with respect to a decision
implicating the balance requirement in subsection A of this section,
will be deemed to satisfy such person's fiduciary duties to members
and the limited liability company if such person's decision is both
informed and disinterested and not such that no person of ordinary,
sound judgment would approve.
DUTIES OF MEMBERS OR MANAGERS.
A. The members or managers or other persons with authority to
manage or direct the business and affairs of a public benefit
limited liability company shall manage or direct the business and
affairs of the public benefit limited liability company in a manner
that balances the pecuniary interests of the members, the best
interests of those materially affected by the limited liability
company's conduct, and the specific public benefit or public
benefits set forth in its articles of organization. Unless
otherwise provided in an operating agreement, no member, manager or
other person with authority to manage or direct the business and
affairs of the public benefit limited liability company shall have
any liability for monetary damages for the failure to manage or
direct the business and affairs of the public benefit limited
liability company as provided in this subsection.
B. A member or manager of a public benefit limited liability
company or any other person with authority to manage or direct the
business and affairs of the public benefit limited liability company
shall not, by virtue of the public benefit provisions or subsection
B of Section 23 of this act, have any duty to any person on account
of any interest of such person in the public benefit or public
benefits set forth in its articles of organization or operating
agreement or on account of any interest materially affected by the
limited liability company's conduct and, with respect to a decision
implicating the balance requirement in subsection A of this section,
will be deemed to satisfy such person's fiduciary duties to members
and the limited liability company if such person's decision is both
informed and disinterested and not such that no person of ordinary,
sound judgment would approve.
Status: in_force · Read it on the official government site
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