Section 21Part 4 — Members and Managers
Contributions
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The liability of a member to contribute to the assets of a limited liability company shall be limited —
to the amount that the member has undertaken to contribute to the assets of the limited liability company, whether in the LLC agreement or otherwise;
to making such othe r payments or performing such services as are expressly set out in the LLC agreement or as have otherwise been agreed between the member and the limited liability company; and
to such other amounts as may be required to be paid or property required to be returned by the member to the limited liability company pursuant to the LLC agreement or this Act .
Subject to the provisions of the LLC agreement, the contribution of a member to a limited liability company may be in cash, property, other assets, services rendered or an obligation to contribute cash or property or assets or to perform services.
A contribution (other than cash in the functional currency of the limited liability company) may be deemed to have such value in the functional currency of the limited liability company as may be agreed between the member making the contribution and the limited liability company, subject to any provisions in this regard in the LLC agreement and such value shall be recorded in the books and records of the limited liability company.
Unless otherwise provided in a LLC agreement, the obligation of a member to make a contribution or return money or other property paid or distributed in violation of this Act may be compromised only by consent of all the memb ers and only if the limited liability company is able to pay its debts and will remain so immediately following the compromise.
Notwithstanding the compromise, a creditor of a limited liability company who extends credit may enforce the original obliga tion to the extent that, in extending credit, the creditor reasonably relied on the obligation of a member to make a contribution or return (and the creditor has not otherwise agreed or consented to the compromise).
A conditional obligation of a member to make a contribution or return money or other property to a limited liability company may not be enforced unless the conditions of the obligation have been satisfied or waived as to or by that member.
Conditional obligations include contributions ag reed to be paid or made by a member upon the request of a limited liability company prior to the time the request is made.