29-731

29-731. Admission of members

A. At the time the limited liability company is formed, a person becomes a member
by either of the following:

1. Being identified as a member in the initial articles of organization.

2. If the members are not identified in the initial articles of organization, being
identified as a member in and signing in person or by an attorney-in-fact an operating
agreement that exists at the time the initial articles of organization are filed or being
identified as a member in a written statement certified, before or after the filing of
the initial articles of organization, by each of the managers identified in the initial
articles of organization.

B. After a limited liability company's initial articles of organization are filed,
a person may be admitted as an additional member as follows:

1. If a person is acquiring an interest in the limited liability company directly
from the limited liability company, on the limited liability company's written
acknowledgment or acceptance of the person's admission under the applicable provisions of
an operating agreement, or if an operating agreement does not so provide, on the consent
of all members.

2. If the person is an assignee of all or part of a member's interest in a limited
liability company, on the terms provided in an operating agreement or, if an operating
agreement does not so provide, on the approval or consent of all members.

3. If the person is an assignee of an interest in the limited liability company of
a member who has the power under an operating agreement to grant the assignee the right
to become a member, on the exercise of the power in compliance with all conditions
limiting the member's exercise of the power.

4. If there are no members and all of the assignees consent in writing to the
admission of one or more persons as a member or members, unless otherwise provided in the
operating agreement.