As used in this article, the term:
(1) "Beneficial member" means the person who is a beneficial owner of the membership interest held in a voting trust or by a nominee as the record member.
(2) "Dissenter" means a member who is entitled to dissent from limited liability company action under Code Section 14-11-1002 and who exercises that right when and in the manner required by Code Sections 14-11-1003 through 14-11-1010.
(3) "Fair value" with respect to a membership interest means the value of the membership interest immediately before the effectuation of the limited liability company action to which the dissenter objects, excluding any appreciation or depreciation in anticipation of such action.
(4) "Interest" means interest from the effective date of the limited liability company action until the date of payment, at a rate that is fair and equitable under all the circumstances.
(5) "Limited liability company" means the limited liability company of which the dissenter is a member before the limited liability company action to which the dissenter objects or the surviving entity by merger of that limited liability company.
(6) "Member" means the record member or the beneficial member.
(7) "Membership interest" means a member's rights in the limited liability company, collectively, including the member's share of the profits and losses of the limited liability company, the right to receive distributions of the limited liability company's assets, and any right to vote or participate in management.
(8) "Record member" means the person in whose name the membership interest is registered in the records of a limited liability company.
Section: 14-11-1001 14-11-1002 14-11-1003 14-11-1004 14-11-1005 14-11-1006 14-11-1007 14-11-1008 14-11-1009 14-11-1010 14-11-1011 14-11-1012 14-11-1013 NextLast modified: October 14, 2016