Section 24Part 6 — Dissolution and Winding Up
Distributions
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The LLC agreement may provide for the payment of distributions in such manner, time and form as provided therein, including distributions in cash and in kind.
A LLC agreement may provide for the establishment of a recor d date with respect to allocations and distributions by a limited liability company.
Subject to the provisions of the LLC agreement and except as otherwise provided in this Act , to the extent and at the times or upon the happening of the events specifi ed in a LLC agreement, a member is entitled to receive from a limited liability company distributions before the member’s withdrawal from or otherwise ceasing to be a member of the limited liability company and before the dissolution thereof.
Subject t o the provisions of the LLC agreement and except as otherwise provided in this Act , upon ceasing to be a member pursuant to section 13 (other than by transfer of a LLC interest), the former member is entitled to receive from the limited liability company —
any distribution to which such member or former member is entitled under the LLC agreement; and
if not otherwise provided in the LLC agreement, within a reasonable time after ceasing to be a member, a distribution for an amount equal to the fair value of that former member’s LLC interest as of the date of ceasing to be a member, based upon a goo d faith determination of that former member’s right to share in distributions from the limited liability company.