Rhode Island § 7-16-30 § 7-16-30. Distribution in kind.

Rhode Island Statutes

§ 7-16-30 — § 7-16-30. Distribution in kind.

Rhode Island·Title 7 Corporations, Associations and Partnerships·Ch. 7-16 The Rhode Island Limited Liability Company Act

§ 7-16-30. Distribution in kind.
Except as provided in the operating agreement:
(1) A member has no right to demand and receive any distribution from a limited liability
            company in any form other than cash; and
         
(2) No member may be compelled to accept from a limited liability company a distribution
            of any asset in kind to the extent that the percentage of the asset distributed to
            the member exceeds the percentage of that asset which is equal to the percentage in
            which the member shares distributions from the limited liability company.
         

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§ 7-16-30. Distribution in kind.

Except as provided in the operating agreement:

(1) A member has no right to demand and receive any distribution from a limited liability company in any form other than cash; and

(2) No member may be compelled to accept from a limited liability company a distribution of any asset in kind to the extent that the percentage of the asset distributed to the member exceeds the percentage of that asset which is equal to the percentage in which the member shares distributions from the limited liability company.

Rhode Island § 7-16-30 (§ 7-16-30. Distribution in kind.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.