Dissolution Distributions. Upon demutualization of the Company or liquidation, dissolution, or sale of the assets of the Company, any assets left after payment of all debts and Capital Account balances shall be distributed (i) fifty percent (50%) to [a worker cooperative loan or development fund TBD] and (ii) fifty percent (50%) to all persons who were Members, or to their heirs, in proportion to the Members’ total distributions from the Company. No distribution need be made to any person who fails to acknowledge the receipt of notice of liquidation in a timely manner. Said notice shall be deemed sufficient if sent by certified mail, at least 30 days before distribution of any residual assets, to the person's last known business or residence address.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement