Oregon Statutes 63.195 – Allocation of interim distributions
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Distributions of cash or other assets of a limited liability company before the dissolution and winding up of the limited liability company shall be allocated among the members, and among classes of members, in the manner provided in the articles of organization or any operating agreement. If neither the articles of organization nor any operating agreement provides for such allocations, such distributions shall be allocated among the members in proportion to their right to share in the profits of the limited liability company. [1993 c.173 § 39]
Terms Used In Oregon Statutes 63.195
- Articles of organization: means the document described in ORS § 63. See Oregon Statutes 63.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Operating agreement: means any valid agreement, written or oral, of the member or members as to the affairs of a limited liability company and the conduct of the limited liability company's business. See Oregon Statutes 63.001