Arkansas § 4-37-302 Associated member

Arkansas Statutes

§ 4-37-302 — 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.

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(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.

Arkansas § 4-37-302 (Associated member) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.