§ 4A-502. Required contribution
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2012
Effective: October 1, 2012
MD Code, Corporations and Associations, § 4A-502
§ 4A-502. Required contribution
(a)(1) Unless otherwise agreed, a member is obligated to the limited liability company to perform any promises set forth in the articles of organization or operating agreement to contribute cash or property or to perform services, even if the member is unable to perform because of death, disability, or other reason.
(b)(1) The obligation of a member to make a capital contribution or return money or other property paid or distributed in violation of this title may be compromised only:
(c)(1) An operating agreement may provide that a member who fails to make any capital contribution or other payment that the member is required to make shall be subject to specified remedies for, or specified consequences of, the failure.
Credits
Added by Acts 1992, c. 536. Amended by Acts 2012, c. 599, § 1, eff. Oct. 1, 2012; Acts 2012, c. 600, § 1, eff. Oct. 1, 2012.
MD Code, Corporations and Associations, § 4A-502, MD CORP & ASSNS § 4A-502
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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