(a) A member or manager who votes for or expressly consents to a distribution that is made in violation of Code Section 14-11-407 is personally liable to the limited liability company for the amount of the distribution that exceeds what could have been distributed without violating Code Section 14-11-407, if it is established that such member or manager did not act in compliance with Code Section 14-11-407 and violated a duty owed under Code Section 14-11-305 (without regard to any limitation on such duty permitted by paragraph (4) of Code Section 14-11-305).(b) Each member or manager held liable under subsection (a) of this Code section for an unlawful distribution is entitled to contribution: (1) From each other member or manager who could be held liable under subsection (a) of this Code section for the unlawful distribution; and(2) From each member for the amount the member received knowing that the distribution was made in violation of Code Section 14-11-407.(c) A proceeding under this Code section is barred unless it is commenced within two years after the date on which the effect of the distribution is measured under Code Section 14-11-407.Amended by 2009 Ga. roceeding under this Code section is barred unless it is commenced within two years after the date on which the effect of the distribution is measured under Code Section 14-11-407.Amended by 2009 Ga. Laws 38,§ 6, eff. 7/1/2009.
Georgia Legal Code