California Corporations Code 17711.09 – Any cash distributions made by a limited liability company to a …
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Any cash distributions made by a limited liability company to a dissenting member after the date of consummation of the reorganization, but prior to any payment by the limited liability company for that dissenting member’s interest, shall be credited against the total amount to be paid by the limited liability company for such dissenting interest.
(Added by Stats. 2012, Ch. 419, Sec. 20. (SB 323) Effective January 1, 2013. Operative January 1, 2014, by Sec. 32 of Ch. 419.)
Terms Used In California Corporations Code 17711.09
- dissenting interest: means the interest of a member that satisfies all of the following conditions:
California Corporations Code 17711.02
- dissenting member: means the recordholder of a dissenting interest, and includes an assignee of record of that interest. See California Corporations Code 17711.02