§ 2030. Restrictions on distributions; Determination of prohibited distributions; Effect of dis...
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 2030
§ 2030. Restrictions on distributions; Determination of prohibited distributions; Effect of distribution; Indebtedness
RESTRICTIONS ON DISTRIBUTIONS; DETERMINATION OF PROHIBITED DISTRIBUTIONS; EFFECT OF DISTRIBUTION; INDEBTEDNESS
2. The limited liability company's total assets would be less than the sum of its total liabilities plus, unless the operating agreement permits otherwise, the amount that would be needed, if the limited liability company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of members whose preferential rights are superior to the rights of members receiving the distribution.
E. 1. If the terms of the indebtedness provide that payment of principal and interest is to be made only if, and to the extent that, payment of a distribution to members could then be made under this section, indebtedness of a limited liability company, including indebtedness issued as a distribution, is not a liability for purposes of determinations made under subsection B of this section.
Laws 1992, c. 148, § 31, eff. Sept. 1, 1992; Laws 2017, c. 323, § 44, eff. Nov. 1, 2017.
18 Okl. St. Ann. § 2030, OK ST T. 18 § 2030
Current with legislation of the First Regular Session of the 59th Legislature (2023) and the First Extraordinary Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
|End of Document|