31 §753. Rules of construction (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 13: MISCELLANEOUS
§753. Rules of construction
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Freedom of contract; enforceability. It is the policy of this chapter to give maximum effect to the principle of freedom of contract and to the enforceability of operating agreements.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Law and equity. Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
3. Statutes in derogation of the common law. Rules that statutes in derogation of the common law are to be strictly construed do not apply to this chapter.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
4. Obligations of contract. Neither this Act nor any amendment of this Act may be construed to impair the obligations of any contract existing when this Act or amendment goes into effect or to affect an action or proceeding begun or right accrued before this Act or any amendment takes effect.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
5. Applicability of other laws. If the purpose for which a limited liability company is organized or its form makes it subject to a special provision of law, the limited liability company shall also comply with that provision. This chapter does not apply to any class of limited liability companies to the extent that any provision of any other public law is specifically applicable to that class and is inconsistent with any provision of this chapter, in which case such other provision prevails.
[ 1999, c. 638, §40 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 1999, c. 638, §40 (AMD). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).