48-2c-612 - Member removal from a series -- Effect.
48-2c-612. Member removal from a series -- Effect.
(1) Unless otherwise provided in the operating agreement, a member ceases to beassociated with a series and to have the power to exercise any rights or powers of a member withrespect to the series upon the assignment of all of the member's interest in the company withrespect to the series.
(2) Unless otherwise provided in an operating agreement, any event under this chapter orthe operating agreement that causes a member to cease to be associated with a series does not, byitself:
(a) cause the member to cease to be associated with any other series;
(b) terminate the continued membership of a member in the limited liability company; or
(c) cause the termination of the series, regardless of whether the member is the lastremaining member associated with the series.
Enacted by Chapter 92, 2006 General Session