South Dakota § 47-34A-603 Effect of a member's dissociation.

South Dakota Statutes

§ 47-34A-603 — Effect of a member's dissociation.

South Dakota·Title 47 CORPORATIONS·Ch. 47-34 UNIFORM LIMITED LIABILITY COMPANY ACT

(a)A limited liability company does not dissolve and wind up its business as result of a member's dissociation.

(b)Upon a member's dissociation from a limited liability company:

(1)The member's right to participate in the management and conduct of the company's business terminates, except as otherwise provided in § 47-34A-803 , and the member ceases to be a member and is treated the same as a transferee of a member;

(2)The member's duty of loyalty under § 47-34A-409(b)(3) terminates; and (3) The member's duty of loyalty under § 47-34A-409(b)(1) and (2) and duty of care under § 47-34A-409(c) continue only with regard to matters arising and events occurring before the member's dissociation.

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(a) A limited liability company does not dissolve and wind up its business as result of a member's dissociation. (b) Upon a member's dissociation from a limited liability company: (1) The member's right to participate in the management and conduct of the company's business terminates, except as otherwise provided in § 47-34A-803 , and the member ceases to be a member and is treated the same as a transferee of a member; (2) The member's duty of loyalty under § 47-34A-409(b)(3) terminates; and (3) The member's duty of loyalty under § 47-34A-409(b)(1) and (2) and duty of care under § 47-34A-409(c) continue only with regard to matters arising and events occurring before the member's dissociation.

South Dakota § 47-34A-603 (Effect of a member's dissociation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.