31 §691. Admission of members (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 8: ADMISSION AND WITHDRAWAL OF MEMBERS
§691. Admission of members
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Becoming a member. Subject to subsection 2, a person may become a member in a limited liability company:
A. When the person acquires a limited liability company interest directly from a limited liability company, upon compliance with the operating agreement or articles of organization or, if neither the operating agreement nor the articles of organization so provide, upon the written consent of all members; and [1993, c. 718, Pt. A, §1 (NEW).]
B. When the person is an assignee of a limited liability company interest as provided in section 685. [1993, c. 718, Pt. A, §1 (NEW).]
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Effective time of admission. The effective time of admission of a member to a limited liability company is the later of:
A. The date a limited liability company is formed; or [1993, c. 718, Pt. A, §1 (NEW).]
B. The time provided in the operating agreement or articles of organization or, if no such time is provided in the operating agreement or articles of organization, when the person's admission is recorded in the records of a limited liability company. [1993, c. 718, Pt. A, §1 (NEW).]
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).