Tex. Business Organizations Code § 152.602
This is the official text of Tex. Business Organizations Code § 152.602, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 152.602. REDEMPTION PRICE.
Official statutory text
(a) Except as provided by Subsection (b) , the redemption price of a withdrawn partner's partnership interest is the fair value of the interest on the date of withdrawal.
(b) The redemption price of the partnership interest of a partner who wrongfully withdraws before the expiration of the partnership's period of duration, the completion of a particular undertaking, or the occurrence of a specified event requiring a winding up of partnership business is the lesser of:
(1) the fair value of the withdrawn partner's partnership interest on the date of withdrawal; or
(2) the amount that the withdrawn partner would have received if an event requiring a winding up of partnership business had occurred at the time of the partner's withdrawal.
(c) Interest is payable on the amount owed under this section.
(b) The redemption price of the partnership interest of a partner who wrongfully withdraws before the expiration of the partnership's period of duration, the completion of a particular undertaking, or the occurrence of a specified event requiring a winding up of partnership business is the lesser of:
(1) the fair value of the withdrawn partner's partnership interest on the date of withdrawal; or
(2) the amount that the withdrawn partner would have received if an event requiring a winding up of partnership business had occurred at the time of the partner's withdrawal.
(c) Interest is payable on the amount owed under this section.
Status: in_force · Read it on the official government site
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