Resignation or withdrawal of member: Limitation; payment to member who rightfully resigns or withdraws.
1. Except as otherwise provided in chapter 463 of NRS, other applicable law, the articles of organization or the operating agreement, a member may not resign or withdraw as a member from a limited-liability company before the dissolution and winding up of the company.
2. If a member has a right to resign or withdraw, the amount that a resigning or withdrawing member is entitled to receive from the company for his interest must be determined pursuant to the provisions of this chapter, chapter 463 of NRS, the articles of organization or the operating agreement. If not otherwise provided therein, a resigning or withdrawing member is entitled to receive, within a reasonable time after resignation or withdrawal, the fair market value of his interest on the date of resignation or withdrawal.
Last modified: February 26, 2006