2007 Minnesota Statutes
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Chapter 322B
Section 322B.43
Recent History
- 2014 322B.43 Repealed 2014 c 157 art 1 s 91
- 2000 Subd. 1 Amended 2000 c 264 s 10
- 1999 Subd. 1 Amended 1999 c 85 art 2 s 50
- 1999 Subd. 3 Amended 1999 c 85 art 2 s 51
This is an historical version of this statute chapter. Also view the most recent published version.
322B.43 CONTRIBUTION ALLOWANCE AGREEMENTS.
Subdivision 1. Agreements permitted. Subject to any restrictions in the articles of
organization or a member control agreement, a limited liability company may enter into
contribution allowance agreements under the terms, provisions, and conditions fixed by the board
of governors or by a manager pursuant to board authorization.
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. Unless otherwise provided in the articles of
organization or a member control agreement, 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.
History: 1992 c 517 art 2 s 55; 1999 c 85 art 2 s 50,51; 2000 c 264 s 10
Subdivision 1. Agreements permitted. Subject to any restrictions in the articles of
organization or a member control agreement, a limited liability company may enter into
contribution allowance agreements under the terms, provisions, and conditions fixed by the board
of governors or by a manager pursuant to board authorization.
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. Unless otherwise provided in the articles of
organization or a member control agreement, 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.
History: 1992 c 517 art 2 s 55; 1999 c 85 art 2 s 50,51; 2000 c 264 s 10
Official Publication of the State of Minnesota
Revisor of Statutes