[§428-411]  Continuation of limited
liability company after expiration of specified term.  (a)  If a limited
liability company that has a specified term is continued after the expiration
of the term, the rights and duties of the members and managers remain the same
as they were at the expiration of the term, except to the extent inconsistent
with rights and duties of members and managers of an at-will company.



(b)  If the members in a member-managed limited
liability company or the managers in a manager-managed company continue the
business without winding up the business of the company, the company shall
continue as an at-will company. [L 1996, c 92, pt of §1]