2009 Maine Code
TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
31 §673. Distribution (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 6: DISTRIBUTIONS AND WITHDRAWAL
§673. Distribution
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
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). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).
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