§ 500-508A. Limitations on distribution
Oklahoma Statutes AnnotatedTitle 54. Partnership
54 Okl.St.Ann. § 500-508A
§ 500-508A. Limitations on distribution
LIMITATIONS ON DISTRIBUTION.
(2) the limited partnership's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the limited partnership were to be dissolved, wound up, and terminated at the time of the distribution, to satisfy the preferential rights upon dissolution, winding up, and termination of partners whose preferential rights are superior to those of persons receiving the distribution.
(c) A limited partnership may base a determination that a distribution is not prohibited under subsection (b) of this section on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.
(f) A limited partnership's indebtedness, including indebtedness issued in connection with or as part of a distribution, is not considered a liability for purposes of subsection (b) of this section if the terms of the indebtedness provide that payment of principal and interest are made only to the extent that a distribution could then be made to partners under this section.
Credits
Laws 2010, c. 384, § 50, eff. Jan. 1, 2011.
54 Okl. St. Ann. § 500-508A, OK ST T. 54 § 500-508A
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |