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Statutes Text

Article - Corporations and Associations


    (a)    An assignee of an economic interest in a limited liability company may become a member of the limited liability company under any of the following circumstances:

        (1)    In accordance with the terms of the operating agreement providing for the admission of a member;

        (2)    By the unanimous consent of the members; or

        (3)    If there are no remaining members of the limited liability company at the time the assignee obtains the economic interest, on terms that the assignee may determine in accordance with § 4A–902(b)(1) of this title.

    (b)    An assignee who becomes a member:

        (1)    Has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the operating agreement and this title; and

        (2)    Is liable for any obligations of his assignor to make capital contributions.