(a) A person's membership in a limited liability company may not be terminated by removal except as provided by (b) or (c) of this section.
(b) Except as provided in (c) of this section, a person's membership in a limited liability company terminates if the person assigns all of the person's interest in the company and if a majority of the members who have not assigned their interests in the company authorize the removal of the person as a member.
(c) If an operating agreement of the company provides for the removal of a member with or without cause, a person's membership in a limited liability company terminates if the person is removed as a member in the manner and under the circumstances provided in the agreement.
Section: Previous 10.50.155 10.50.160 10.50.165 10.50.170 10.50.180 10.50.185 10.50.190 10.50.195 10.50.205 10.50.210 10.50.215 10.50.220 10.50.225 10.50.240 NextLast modified: November 15, 2016