Sec. 101.205. DISTRIBUTION ON WITHDRAWAL. A member of a limited liability company who validly exercises the member's right to withdraw from the company granted under the company agreement is entitled to receive, within a reasonable time after the date of withdrawal, the fair value of the member's interest in the company as determined as of the date of withdrawal.
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