(a)Definition. As used in this section, an 'old' contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.(b)Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.Acts 1994, ch. 868, § 1.
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