MCL - 23-1993-3

Act 23 of 1993
Article 3

Document Type Description
Section 450.4301 Section Members; contribution.
Section 450.4302 Section Promise by member to contribute; enforcement; obligation to perform; rights of company; compromising obligation; enforcement by creditor of original member's obligation.
Section 450.4303 Section Distribution of assets; allocation; manner; basis.
Section 450.4304 Section Distribution; conditions for receiving.
Section 450.4305 Section Distributions to withdrawing member.
Section 450.4306 Section Distributions; demand, acceptance, and receipt of distribution; form.
Section 450.4307 Section Distributions prohibited under certain situations; exceptions; effect of distribution under subsection (1); remedies available; future payments to withdrawing members; effect of subsection (1) on third party; asserting legal or equitable rights.
Section 450.4308 Section Distribution; violating operating agreement or MCL 450.4307; liability of members or managers; presumption of assent; knowledge of violation; contribution; commencement of proceeding.