(a) For purposes of this subchapter, a determination of whether a corporation is or would be insolvent after a distribution or share dividend or a determination of the value of a corporation‘s net assets, stated capital, or surplus, or each component of net assets, stated capital, or surplus, shall be made:
(1) on the date the distribution or share dividend is authorized by the corporation’s board of directors if the distribution or share dividend is made not later than the 120th day after the date of authorization; or
(2) if the distribution or share dividend is made more than 120 days after the date of authorization:
(A) on the date designated by the corporation’s board of directors if the date so designated is not earlier than 120 days before the date the distribution or share dividend is made; or
(B) on the date the distribution or share dividend is made if the corporation’s board of directors does not designate a date as described in Paragraph (A).
(b) For purposes of this section, a distribution that involves:
(1) the incurrence by a corporation of indebtedness or a deferred payment obligation is considered to have been made on the date the indebtedness or obligation is incurred; or
(2) a requirement in the corporation’s certificate of formation or other contract of the corporation to redeem, exchange, or otherwise acquire any of its own shares is considered to have been made either on the date when the provision or other contract is made or takes effect or on the date when the shares to be redeemed, exchanged, or acquired are redeemed, exchanged, or acquired, at the option of the corporation.