Tribal Law - Lac Courte Oreilles Band of Lake Superior Ojibwe, Wisconsin; National Indian Law Library, Native American Rights Fund

Lac Courte Oreilles Band of Lake Superior Chippewa Indians of Wisconsin - Tribal Law

Disclaimer: Although every effort is made to present current and accurate information, if you need an official version of the tribe’s laws, please contact the tribe.

To contact the Lac Courte Oreilles Band of Lake Superior Chippewa Indians of Wisconsin, visit the tribal court's website.

Lac Courte Oreilles Tribal Code of Law.

LLC.1.9.130 Distributions of Income

(a) Subject to the Tribe's ultimate ownership right to all income generated by its Tribally- owned LLCs, a Tribally-owned LLC shall distribute the net income of the LLC to the Tribe as set forth in a dividend plan adopted in accordance with the Operating Agreement and duly approved by the Tribal Governing Board, except that a Tribally-owned LLC may retain reserves necessary to carry on the LLC's business in a reasonably prudent manner and as recommended by the Board of Directors, subject to further limitations set forth in Section LLC.1.5.070 and in the Operating Agreement.

(b) Subject to the parent Tribally-owned LLC's or parent Tribal Corporation's ultimate ownership right to all income generated by its subsidiary LLCs, a subsidiary LLC created pursuant to Section LLC.1.9.020 shall distribute the net income of the LLC to the parent Tribally- owned LLC or parent Tribal Corporation as set forth in a dividend plan adopted in accordance with the Operating Agreement and duly approved by its Board of Directors, except that a Tribally-owned LLC may retain reserves necessary to carry on the LLC's business in a reasonably prudent manner and as recommended by the Board of Directors, subject to further limitations set forth in Section LLC.1.5.070 and in the Operating Agreement.