48-231-203 - Notice of intent to demand payment.
48-231-203. Notice of intent to demand payment.
(a) If proposed LLC action creating dissenters' rights under § 48-231-201 is submitted to a vote at a members' meeting, a member who wishes to assert dissenters' rights:
(1) Must deliver to the LLC, before the vote is taken, written notice of such member's intent to demand payment for such member's membership interest if the proposed action is effectuated; and
(2) Must not vote such member's membership interest in favor of the proposed action. No such written notice of intent to demand payment is required of any member to whom the LLC failed to provide the notice required by § 48-231-202.
(b) A member who does not satisfy the requirements of subsection (a) is not entitled to payment for such member's membership interest under this chapter.
[Acts 1994, ch. 868, § 1.]