Section 304-C:41 Distribution Upon Cessation of Membership or Merger. - New Hampshire Statutes

Except as provided in this subdivision, any member, upon ceasing to be a member pursuant to RSA 304-C:27, is entitled to receive any distribution to which the member is entitled under a limited liability company agreement, but, unless otherwise provided in a limited liability company agreement, the member is not entitled to receive any payment for the value of the member's limited liability company interest as of the date of cessation of membership based upon the member's right to share in distributions from the limited liability company. If the member ceasing to be a member receives no payment for the value of the member's interest in the limited liability company, the member ceasing to be a member shall continue to have the rights of an assignee of a limited liability company interest under RSA 304-C:46, II, subject to the limited liability company's right of offset under RSA 304-C:27, III.

Source. 1993, 313:1. 1994, 19:3. 1997, 120:30, eff. Aug. 8, 1997.