48-2c-905 - Redemption of interest.
48-2c-905. Redemption of interest.
(1) Subject to Section 48-2c-1005, a member may rightfully demand payment from thecompany of the fair market value of the member's interest in the company only:
(a) upon the dissolution and completion of winding up of the company; or
(b) upon the date or occurrence of an event specified in the articles of organization oroperating agreement for redemption of the member's interest.
(2) Except as otherwise provided in the articles of organization or operating agreement orwith consent of all members, a member, regardless of the nature of the member's contribution, hasonly the right to receive cash in redemption of the member's interest in the company.
Enacted by Chapter 260, 2001 General Session