450.4305 Distributions to withdrawing member.

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Sec. 305.

Until the effective date of withdrawal, a withdrawing member shall share in any distribution made in accordance with section 304. An operating agreement may provide for an additional distribution to a withdrawing member. If a provision in an operating agreement permits withdrawal but is silent on an additional withdrawal distribution, a member withdrawing in accordance with the operating agreement is entitled to receive as a distribution, within a reasonable time after withdrawal, the fair value of the member's interest in the limited liability company as of the date of withdrawal based upon the member's share of distributions as determined under section 303.

History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 1997, Act 52 , Imd. Eff. July 1, 1997