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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 50. Alaska Revised Limited Liability Company Act
- Section 135. Duty of Care.
previous: Section 130
. Limitation of Member Fiduciary Duty.
next: Section 140
. Conflicts of Interest.
AS 10.50.135. Duty of Care.
- (a) A person who is a manager or a managing member of a limited liability company shall perform the duties of management
in good faith, in a manner the person reasonably believes to be in the best interests of the company, and with the
care, including reasonable inquiry, that an ordinarily prudent person in a like position would use under similar
circumstances. Except as provided in (b) of this section, the person is entitled to rely on information, opinions,
reports, or statements, including financial statements and other financial data, in each case prepared or presented by
- (1) an employee of the company whom the person reasonably believes to be reliable and competent in the matters presented;
- (2) counsel, public accountants, or other professionals or experts as to matters that the person reasonably believes to be
within the professional's or expert's competence.
- (b) A person is not acting in good faith under (a) of this section if the person has knowledge concerning the matter in
question that makes reliance otherwise permitted by (a) of this section unwarranted.
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