Chapter 13: LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
Subchapter 6: DISTRIBUTIONS AND WITHDRAWAL ENACTED BY PL 1993, C. 718, PT. A, §1
§673. Distribution
Except as provided in the operating agreement or articles of organization: [1993, c. 718, Pt. A, §1 (NEW).]
1.Distributions in cash. A member, regardless of the nature of that member's contribution, has no right to demand and receive a distribution from
a limited liability company in any form other than cash; and
[
1993, c. 718, Pt. A, §1 (NEW)
.]
2.Distribution in kind. A member may not be compelled to accept from a limited liability company a distribution of an asset in kind to the extent
that the percentage of that asset distributed to the member exceeds a percentage of that asset that is equal to the percentage
in which the member shares in distributions from that limited liability company.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
SECTION HISTORY
1993, c. 718, §A1 (NEW).
Data for this page extracted on 10/14/2009 10:53:53.