81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 37 of 64
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S.B. No. 1442
1 (b) An event that under this chapter or the company
2 agreement causes a member to cease to be associated with a series
3 does not, in and of itself, cause the member to cease to be
4 associated with any other series or terminate the continued
5 membership of a member in the limited liability company or require
6 the windiAq up of the series, regardless of whether the member was
7 the last remaining member associated with the series.
8 hec. 101.611. MEMBER STATUS WITH RESPECT TO DISTRIBUTION.
9 (a) Subject to Sections 101.613, 101.617, 101.618 101.619, and
10 101.620, when a member associated with a series established under
11 this subchapter is entitled to receive a distribution with respect
12 to the series, the member, with respect to the distribution, has the
13 same status as a creditor of the series and is entitled to any
14 remedy available to a creditor of the series.
15 (b) Section 101.207 does not apply to a distribution with
16 respect to the series.
17 Sec. 101.612. RECORD DATE FOR ALLOCATIONS AND
18 DISTRIBUTIONS. A company agreement may establish or provide for
19 the establishment of a record date for allocations and
20 distributions with respect to a series.
21 Sec. 101.613. DISTRIBUTIONS. (a) A limited liability
22 company may make a distribution with respect to a series.
23 (b) A limited liability company may not make a distribution
24 with respect to a series to a member if, immediately after making
25 the distribution, the total amount of the liabilities of the
26 series, other than liabilities described by Subsection (c), exceeds
27 the fair value of the assets associated with the series.
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/37/: accessed September 19, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.