The articles of organization or an operating agreement may provide for indemnification of a member or manager for judgments, settlements, penalties, fines or expenses incurred in a proceeding to which a person is a party because he is or was a member or manager and for advancement of expenses, including costs of defense, prior to final disposition of such proceeding.
§ 53-19-18 NMSA 1978
Indemnification of members and managers
Known as the Limited Liability Company Act
The act spans §§ 53–53 (80 sections).
Laws 1993, ch. 280, § 18.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.