489.14302 Associated member.
1. Only a member of a series limited liability company may be an associated member of a protected series of the company.
2. 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 all of the following:
a. That the member is an associated member of the protected series.
b. The date on which the member became an associated member.
c. Any protected-series transferable interest the associated member has in connection with becoming or being an associated member.
3. 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.
2019 Acts, ch 26, §16, 41
Referred to in §489.14102, 489.14107
Section takes effect July 1, 2020; 2019 Acts, ch 26, §41
NEW section