A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 33-44-409, RELATING TO GENERAL STANDARDS OF MEMBER'S AND MANAGER'S CONDUCT, SO AS TO PROVIDE AN EXCEPTION TO A MEMBER'S DUTY OF LOYALTY UNDER CERTAIN CIRCUMSTANCES.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 33-44-409(b)(3) of the S.C. Code is amended to read:

 

        (3) to refrain from competing with the company in the conduct of the company's business before the dissolution of the company. The item does not apply when a member is also a member of another LLC and there is not an enforceable noncompete provision in the operating agreement.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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