(a) When effective.- A person becomes a member of a limited liability company:
(1) At the time the limited liability company is formed; or
(2) At any later time specified in the operating agreement.
(b) Conditions for admission.- After the formation of a limited liability company, a person may be admitted as a member:
(1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members; or
(2) In the case of an assignee of an interest of a member who has the power as provided in § 4A-604 of this subtitle to grant the assignee the right to become a member, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of that power.
(c) Admission without contribution or interest.- Unless otherwise provided in the articles of organization or the operating agreement of a limited liability company, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without:
(1) Making a contribution to the limited liability company;
(2) Being obligated to make a contribution to the limited liability company; or
(3) Acquiring an interest in the limited liability company.
(a) When effective.- A person becomes a member of a limited liability company:
(1) At the time the limited liability company is formed; or
(2) At any later time specified in the operating agreement.
(b) Conditions for admission.- After the formation of a limited liability company, a person may be admitted as a member:
(1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members; or
(2) In the case of an assignee of an interest of a member who has the power as provided in § 4A-604 of this subtitle to grant the assignee the right to become a member, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of that power.
(c) Admission without contribution or interest.- Unless otherwise provided in the articles of organization or the operating agreement of a limited liability company, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without:
(1) Making a contribution to the limited liability company;
(2) Being obligated to make a contribution to the limited liability company; or
(3) Acquiring an interest in the limited liability company.
(a) When effective.- A person becomes a member of a limited liability company:
(1) At the time the limited liability company is formed; or
(2) At any later time specified in the operating agreement.
(b) Conditions for admission.- After the formation of a limited liability company, a person may be admitted as a member:
(1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members; or
(2) In the case of an assignee of an interest of a member who has the power as provided in § 4A-604 of this subtitle to grant the assignee the right to become a member, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of that power.
(c) Admission without contribution or interest.- Unless otherwise provided in the articles of organization or the operating agreement of a limited liability company, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without:
(1) Making a contribution to the limited liability company;
(2) Being obligated to make a contribution to the limited liability company; or
(3) Acquiring an interest in the limited liability company.
