48-2c-703 - Additional members.
48-2c-703. Additional members.
After the formation of a company, a person is admitted as an additional member of thecompany as provided in the operating agreement or, if the operating agreement does not providefor additional members, then:
(1) in the case of a person who is not an assignee of an interest in the company, includinga person acquiring an interest directly from the company, upon the person's signing the operatingagreement or other writing by which the person agrees to be bound by the operating agreement,and upon consent of all members;
(2) in the case of a person who is an assignee of an interest in the company, upon theperson's signing the operating agreement or other writing by which the person agrees to be boundby the operating agreement, and upon consent of all members and upon the effective date of theperson's admission as reflected in the records of the company;
(3) unless otherwise provided in a plan of merger, in the case of a person acquiring aninterest in a surviving company pursuant to a merger approved under Section 48-2c-1407, at thetime provided in and upon compliance with the operating agreement of the surviving company; or
(4) unless otherwise provided in articles of conversion, in the case of a person acquiringan interest in a company pursuant to a conversion approved under Section 48-2c-1404, at the timeprovided in and upon compliance with the operating agreement of the company resulting from theconversion.
Enacted by Chapter 260, 2001 General Session