Self Interest. A manager or member does not violate any duty or obligation to the company merely as a result of engaging in conduct that furthers the interest of the manager or member. Managers and members may lend money or transact other business with the company, and, in this case, the rights and obligations of a manager or member will be the same as those of a third party, so long as the loan or other transaction has been approved or ratified by the members if a manager is involved in the transaction or by the managers if a member is involved. Unless otherwise provided by applicable law, a manager or member with a financial interest in the outcome of a particular action is nevertheless entitled to vote thereon.
Appears in 2 contracts
Sources: Investor Operating Agreement, Investor Operating Agreement