§ 602 — Admission of members

New York § 602

• Jurisdiction: New York
• Law LLC: Limited Liability Company Law
• Art. 6: Members and Membership

Text

§ 602. Admission of members. (a) A person becomes a member of a\nlimited liability company on the later of:\n (1) the effective date of the initial articles of organization; or\n (2) the date as of which the person becomes a member pursuant to this\nsection or the operating agreement; provided, however, that if such date\nis not ascertainable, the date stated in the records of the limited\nliability company.\n (b) After the effective date of a limited liability company's initial\narticles of organization, a person may be admitted as a member:\n (1) in the case of a person acquiring a membership interest directly\nfrom the limited liability company, upon compliance with the operating\nagreement or, if the operating agreement does not so provide, upon the\nvote or written consent of a majority in interest of the members;\n (2) in the case of an assignee of a membership interest of a member\nwho has the power, as provided in the operating agreement, to grant the\nassignee the right to become a member, upon the exercise of that power\nand compliance with any conditions limiting the grant or exercise of the\npower; or\n (3) unless otherwise provided in an agreement of merger or\nconsolidation or the operating agreement, in the case of a person\nacquiring a membership interest in a surviving or resulting limited\nliability company pursuant to a merger or consolidation approved in\naccordance with subdivision (b) of section one thousand one of this\nchapter, at the time provided in and upon compliance with the operating\nagreement of the surviving or resulting limited liability company.\n