Except as provided in sections thirty-two and forty-six, a member is entitled to receive distributions from a limited liability company only to the extent and at the times or upon the happening of the events specified in the operating agreement or, if the operating agreement does not so specify, as determined by the members or managers pursuant to section twenty-one or section twenty-six.
Mass. Gen. Laws ch. 156C, § 31
Entitlement to distributions
Known as the Massachusetts Limited Liability Company Act
The act spans §§ 156C-1 to 156C-9 (73 sections).
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.