2014 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 23 of 1993 MICHIGAN LIMITED LIABILITY COMPANY ACT (450.4101 - 450.5200)
23-1993-3 ARTICLE 3 (450.4301...450.4308)
- Section 450.4301 Members; contribution.
- Section 450.4302 Promise by member to contribute; enforcement; obligation to perform; rights of company; compromising obligation; enforcement by creditor of original member's obligation.
- Section 450.4303 Distribution of assets; allocation; manner; basis.
- Section 450.4304 Distribution; conditions for receiving.
- Section 450.4305 Distributions to withdrawing member.
- Section 450.4306 Distributions; demand, acceptance, and receipt of distribution; form.
- Section 450.4307 Distributions prohibited under certain situations; exceptions; effect of distribution under subsection (1); remedies available; future payments to withdrawing members; effect of subsection (1) on third party; asserting legal or equitable rights.
- Section 450.4308 Distribution; violating operating agreement or MCL 450.4307; liability of members or managers; presumption of assent; knowledge of violation; contribution; commencement of proceeding.
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