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Mississippi Code Title 81. Banks and Financial Institutions § 81-27-6.305

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A participant may not receive from a limited liability trust company any part of the participant's contribution to capital until:

(1) All liabilities of the state trust company, except liabilities to participants on account of contribution to capital, have been paid or, if after the withdrawal or reduction, sufficient property of the state trust company will remain to pay all liabilities of the state trust company, except liabilities to participants on account of contribution to capital;

(2) All participants consent, unless the return of the contribution to capital may be demanded as provided by this article; or

(3) The articles of association are canceled or amended to set out the withdrawal or reduction.

(b) A participant may demand the return of the participant's contribution to capital on the dissolution of the limited liability trust company and the failure by the full liability participants to exercise the right for the business of the limited liability trust company to be carried on by the remaining participants as provided by Section 81-27-6.307.

(c) Unless allowed by the articles of association or by the unanimous consent of all participants of the limited liability trust company, a participant may demand the return of the participant's contribution to capital only in cash.

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Cite this article: FindLaw.com - Mississippi Code Title 81. Banks and Financial Institutions § 81-27-6.305 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-27-6-305/

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