Section 322B.43 Contribution Allowance Agreements
322B.43 CONTRIBUTION ALLOWANCE AGREEMENTS.
Subdivision 1.Agreements permitted.
Subject to any restrictions in the articles of organization or a member control agreement, a limited liability company may enter into contribution allowance agreements under the terms, provisions, and conditions fixed by the board of governors or by a manager pursuant to board authorization.
Subd. 2.Writing required and terms to be stated.
Any contribution allowance agreement must be in writing, and the writing must state in full, summarize, or incorporate by reference all the agreement's terms, provisions, and conditions.
Subd. 3.Restrictions on assignment.
Unless otherwise provided in the articles of organization or a member control agreement, a would-be contributor's rights under a contribution allowance agreement may not be assigned in whole or in part to a person who was not a member at the time of the assignment, unless all the members approve the assignment by unanimous written consent.
History:
1992 c 517 art 2 s 55; 1999 c 85 art 2 s 50,51; 2000 c 264 s 10