31 §693. Power of member who has withdrawn to bind limited liability company (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)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
§693. Power of member who has withdrawn to bind limited liability company
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
For 2 years after a member withdraws without resulting in a dissolution and winding up of the limited liability company business, the limited liability company, including a surviving limited liability company under subchapter XII, is bound by an act of the member who withdrew that would have bound the limited liability company under section 641 before dissociation only if at the time of entering into the transaction the other party: [1993, c. 718, Pt. A, §1 (NEW).]
1. Reasonable belief. Reasonably believed that the member who withdrew was a member at that time;
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. No notice. Did not have notice of the member's withdrawal; and
[ 1993, c. 718, Pt. A, §1 (NEW) .]
3. Not deemed to have notice. Is not deemed to have had notice under section 694.
[ 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).