Section 14Part 3 — LLC Agreement
Redemption and repurchase of a limited liability company interest
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Unless otherwise provided in the LLC agreement, a limited liability company may, for consideration or for no consideration, acquire, by purchase, redemption or otherwise, a LLC interest or other interest of a member in the limited liability company, provided that immediately following that acquisition, the limited liability company shall be able to pay its debts as they fall due in the ordinary cou rse of business.
Unless otherwise provided in the LLC agreement or agreed to by all members, any interest acquired under subsection (1) by the limited liability company shall be deemed cancelled on acquisition.