Sec. 101.204. INTERIM DISTRIBUTIONS. A member of a limited liability company, before the winding up of the company, is not entitled to receive and may not demand a distribution from the company until the company's governing authority declares a distribution to:
(1) each member of the company; or
(2) a class or group of members that includes the member.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Subchapter E. Allocations and Distributions
Section 101.201. Allocation of Profits and Losses
Section 101.202. Distribution in Kind
Section 101.203. Sharing of Distributions
Section 101.204. Interim Distributions
Section 101.205. Distribution on Withdrawal
Section 101.206. Prohibited Distribution; Duty to Return
Section 101.207. Creditor Status With Respect to Distribution