California Corporations Code 15911.28 – Any cash distributions made by a limited partnership to a dissenting …
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Any cash distributions made by a limited partnership to a dissenting limited partner after the date of consummation of the reorganization, but prior to any payment by the limited partnership for such dissenting limited partner’s interest, shall be credited against the total amount to be paid by the limited partnership for such dissenting interest.
(Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.)
Terms Used In California Corporations Code 15911.28
- dissenting interest: means the interest of a limited partner that satisfies all of the following conditions:
California Corporations Code 15911.21
- dissenting limited partner: means the recordholder of a dissenting interest, and includes an assignee of record of such an interest. See California Corporations Code 15911.21
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.