Md. Code, Corp. & Ass'ns § 4A-604

Current with changes from the 2024 Legislative Session
Section 4A-604 - Right of assignee to become a member
(a) An assignee of an economic interest in a limited liability company may become a member of the limited liability company under any of the following circumstances:
(1) In accordance with the terms of the operating agreement providing for the admission of a member;
(2) By the unanimous consent of the members; or
(3) If there are no remaining members of the limited liability company at the time the assignee obtains the economic interest, on terms that the assignee may determine in accordance with § 4A-902(b)(1)(i) of this title.
(b) An assignee who becomes a member:
(1) Has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the operating agreement and this title; and
(2) Is liable for any obligations of his assignor to make capital contributions.

Md. Code, CA § 4A-604

Amended by 2020 Md. Laws, Ch. 401,Sec. 1, eff. 10/1/2020.
Amended by 2020 Md. Laws, Ch. 400,Sec. 1, eff. 10/1/2020.
Amended by 2013 Md. Laws, Ch. 42,Sec. 1, eff. 4/9/2013.