48-235-102 - Restatement of value of previous contributions.
48-235-102. Restatement of value of previous contributions.
(a) Definition. As used in this section, an old contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.
(b) Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.
[Acts 1994, ch. 868, § 1.]