Ark. Code § 4-38-603

Current with legislation from the 2023 Regular and First Extraordinary Sessions.
Section 4-38-603 - Effect of dissociation
(a) If a person is dissociated as a member:
(1) the person's right to participate as a member in the management and conduct of the limited liability company's activities and affairs terminates;
(2) the person's duties and obligations under § 4-38-409 as a member end with regard to matters arising and events occurring after the person's dissociation; and
(3) subject to § 4-38-504 and § 4-38-1001 et seq., any transferable interest owned by the person in the person's capacity as a member immediately before dissociation is owned by the person solely as a transferee.
(b) A person's dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited liability company or the other members which the person incurred while a member.

Ark. Code § 4-38-603

Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.