State Codes and Statutes

Statutes > New-york > Llc > Article-12 > 1209

§  1209.  Disqualification of members, managers and employees.  If any  member, manager or employee of a professional service limited  liability  company  who  has  been  rendering  professional  service  to the public  becomes legally disqualified to practice  his,  her  or  its  profession  within  this  state,  he,  she or it shall sever all employment with and  financial interests (other than interests as a creditor or vested rights  under a bona fide retirement program) in such limited liability  company  forthwith or as otherwise provided in section twelve hundred ten of this  article.  All provisions of law regulating the rendering of professional  services by a person elected or appointed to a public  office  shall  be  applicable  to  a  member, manager or employee of such limited liability  company in the same manner and to the same extent as if fully set  forth  herein.  Such  legal disqualification to practice such profession within  this state shall be deemed to constitute an  irrevocable  offer  by  the  disqualified  member  to sell his, her or its membership interest to the  professional  service  limited  liability  company,  pursuant   to   the  provisions  of  section  twelve  hundred  ten  of this article or of the  articles  of  organization  or   operating   agreement,   whichever   is  applicable.   Compliance   with   the  terms  of  such  offer  shall  be  specifically enforceable in the courts of this state.    A  professional  service  limited  liability company's failure to enforce compliance with  this provision shall constitute a ground for its dissolution.

State Codes and Statutes

Statutes > New-york > Llc > Article-12 > 1209

§  1209.  Disqualification of members, managers and employees.  If any  member, manager or employee of a professional service limited  liability  company  who  has  been  rendering  professional  service  to the public  becomes legally disqualified to practice  his,  her  or  its  profession  within  this  state,  he,  she or it shall sever all employment with and  financial interests (other than interests as a creditor or vested rights  under a bona fide retirement program) in such limited liability  company  forthwith or as otherwise provided in section twelve hundred ten of this  article.  All provisions of law regulating the rendering of professional  services by a person elected or appointed to a public  office  shall  be  applicable  to  a  member, manager or employee of such limited liability  company in the same manner and to the same extent as if fully set  forth  herein.  Such  legal disqualification to practice such profession within  this state shall be deemed to constitute an  irrevocable  offer  by  the  disqualified  member  to sell his, her or its membership interest to the  professional  service  limited  liability  company,  pursuant   to   the  provisions  of  section  twelve  hundred  ten  of this article or of the  articles  of  organization  or   operating   agreement,   whichever   is  applicable.   Compliance   with   the  terms  of  such  offer  shall  be  specifically enforceable in the courts of this state.    A  professional  service  limited  liability company's failure to enforce compliance with  this provision shall constitute a ground for its dissolution.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Llc > Article-12 > 1209

§  1209.  Disqualification of members, managers and employees.  If any  member, manager or employee of a professional service limited  liability  company  who  has  been  rendering  professional  service  to the public  becomes legally disqualified to practice  his,  her  or  its  profession  within  this  state,  he,  she or it shall sever all employment with and  financial interests (other than interests as a creditor or vested rights  under a bona fide retirement program) in such limited liability  company  forthwith or as otherwise provided in section twelve hundred ten of this  article.  All provisions of law regulating the rendering of professional  services by a person elected or appointed to a public  office  shall  be  applicable  to  a  member, manager or employee of such limited liability  company in the same manner and to the same extent as if fully set  forth  herein.  Such  legal disqualification to practice such profession within  this state shall be deemed to constitute an  irrevocable  offer  by  the  disqualified  member  to sell his, her or its membership interest to the  professional  service  limited  liability  company,  pursuant   to   the  provisions  of  section  twelve  hundred  ten  of this article or of the  articles  of  organization  or   operating   agreement,   whichever   is  applicable.   Compliance   with   the  terms  of  such  offer  shall  be  specifically enforceable in the courts of this state.    A  professional  service  limited  liability company's failure to enforce compliance with  this provision shall constitute a ground for its dissolution.

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