Sec. 34-158. Sharing of interim distributions. - Connecticut Statutes

      Sec. 34-158. Sharing of interim distributions. Except as provided in sections 34-159 and 34-210, distributions of cash or other assets of a limited liability company shall be allocated among the members and among classes of members in the manner provided in the operating agreement. If the operating agreement does not so provide, the distributions shall be made on the basis of the value of the contributions made by each member to the extent they have been received by the limited liability company and have not been returned. A member is entitled to receive distributions described in this section from a limited liability company to the extent and at the times or upon the happening of the events specified in the operating agreement or at the times determined by the members or managers pursuant to section 34-142.

      (P.A. 93-267, S. 29; P.A. 94-217, S. 15.)

      History: P.A. 94-217 deleted provision that the value of a member's contributions was the value "as stated in the limited liability company's records required to be kept pursuant to section 34-127", reflecting the deletion of said requirement in Sec. 34-127 by the same public act.