Associated member

(a) Only a member of a series limited liability company may be an associated member of a protected series of the company. (b) A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states: (1) that the member is an associated member of the protected series; (2) the date on which the member became an associated member; and (3) any protected-series transferable interest the associated member has in connection with becoming or being an associated member. (c) If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series. Added by Act 2019, No. 665,§ 1, eff. 7/24/2019. (a) Only a member of a series limited liability company may be an associated member of a protected series of the company. (b) A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states: (1) that the member is an associated member of the protected series; (2) the date on which the member became an associated member; and (3) any protected-series transferable interest the associated member has in connection with becoming or being an associated member. (1) that the member is an associated member of the protected series; (2) the date on which the member became an associated member; and (3) any protected-series transferable interest the associated member has in connection with becoming or being an associated member. (c) If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series. Added by Act 2019, No. 665,§ 1, eff. 7/24/2019.