Member Liability to the Company. (a) A Member who rightfully receives the return in whole or in part of its Capital Contribution is nevertheless liable to the Company to the extent now or hereafter provided by the Act. (b) A Member who receives a Distribution made by the Company: (i) which is either in violation of this Agreement, or (ii) when the Company's liabilities exceed its assets (after giving effect to the Distribution), is liable to the Company for a period of six (6) years after such Distribution for the amount of the Distribution.
Appears in 5 contracts
Samples: Operating Agreement (Husker Ag LLC), Operating Agreement, Operating Agreement (Nedak Ethanol, LLC)
Member Liability to the Company. (a) A Member who rightfully receives the return in whole or in part of its Capital Contribution is nevertheless liable to the Company to the extent now or hereafter provided by the Act.
(b) A Member who receives a Distribution made by the Company: (i) which is either in violation of this Agreement, or (ii) when the Company's ’s liabilities exceed its assets (after giving effect to the Distribution), is liable to the Company for a period of six (6) years after such Distribution for the amount of the Distribution.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement (Husker Ag LLC)
