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.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.