1998 Minnesota Statutes

     322B.43 Contribution allowance agreements. 

    Subdivision 1.    Agreements permitted.  Subject to any 
 restrictions in the articles of organization, a limited 
 liability company may enter into contribution allowance 
 agreements under the terms, provisions, and conditions fixed by 
 the board of governors.  

    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.  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.  

    HIST: 1992 c 517 art 2 s 55