§ 1209 — Disqualification of members, managers and employees

New York § 1209

• Jurisdiction: New York
• Law LLC: Limited Liability Company Law
• Art. 12: Professional Service Limited Liability Companies

Text

§ 1209. Disqualification of members, managers and employees. If any\nmember, manager or employee of a professional service limited liability\ncompany who has been rendering professional service to the public\nbecomes legally disqualified to practice his, her or its profession\nwithin this state, he, she or it shall sever all employment with and\nfinancial interests (other than interests as a creditor or vested rights\nunder a bona fide retirement program) in such limited liability company\nforthwith or as otherwise provided in section twelve hundred ten of this\narticle. All provisions of law regulating the rendering of professional\nservices by a person elected or appointed to a public office shall be\napplicable to a member, manager or employee of such limited liability\ncompany in the same manner and to the same extent as if fully set forth\nherein. Such legal disqualification to practice such profession within\nthis state shall be deemed to constitute an irrevocable offer by the\ndisqualified member to sell his, her or its membership interest to the\nprofessional service limited liability company, pursuant to the\nprovisions of section twelve hundred ten of this article or of the\narticles of organization or operating agreement, whichever is\napplicable. Compliance with the terms of such offer shall be\nspecifically enforceable in the courts of this state. A professional\nservice limited liability company's failure to enforce compliance with\nthis provision shall constitute a ground for its dissolution.\n