31 §671. Sharing of interim distributions (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 6: DISTRIBUTIONS AND WITHDRAWAL

§671. Sharing of interim distributions

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

Except as provided in section 705, distributions of cash or other assets of a limited liability company must be shared among the members and among classes of members in the manner provided in an operating agreement or the articles of organization. If the operating agreement or articles of organization do not so provide, each member or other person entitled to the interest of a member shares in any distribution equally. 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 an operating agreement or articles of organization or at the times determined by the members or managers pursuant to section 653. [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).