§ 7-16-36 - Right of assignee to become a member. - Rhode-island Statutes

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Statutes > Rhode-island > Title-7 > Chapter-7-16 > 7-16-36

SECTION 7-16-36

§ 7-16-36 Right of assignee to become amember. – (a) Except as otherwise provided in a written operating agreement, an assigneeof an interest in a limited liability company may become a member only if theother members unanimously consent. The consent of a member may be evidenced inany manner specified in an operating agreement, but in the absence ofspecification, consent is evidenced by a written instrument, dated and signedby the member, or evidenced by a vote taken at a meeting of the members calledin accordance with the operating agreement and maintained with the records ofthe limited liability company.

(b) An assignee who becomes a member has, to the extentassigned, the rights and powers, and is subject to the restrictions andliabilities, of a member under the articles of organization, any operatingagreement and this chapter.

(c) An assignee who becomes a member is liable for anyobligations of the assignor to make contributions and to return distributionsunder this chapter.

(d) Whether or not an assignee of a membership interestbecomes a member, the assignor is not released from the assignor's liability tothe limited liability company under § 7-16-25 and § 7-16-32.

State Codes and Statutes

Statutes > Rhode-island > Title-7 > Chapter-7-16 > 7-16-36

SECTION 7-16-36

§ 7-16-36 Right of assignee to become amember. – (a) Except as otherwise provided in a written operating agreement, an assigneeof an interest in a limited liability company may become a member only if theother members unanimously consent. The consent of a member may be evidenced inany manner specified in an operating agreement, but in the absence ofspecification, consent is evidenced by a written instrument, dated and signedby the member, or evidenced by a vote taken at a meeting of the members calledin accordance with the operating agreement and maintained with the records ofthe limited liability company.

(b) An assignee who becomes a member has, to the extentassigned, the rights and powers, and is subject to the restrictions andliabilities, of a member under the articles of organization, any operatingagreement and this chapter.

(c) An assignee who becomes a member is liable for anyobligations of the assignor to make contributions and to return distributionsunder this chapter.

(d) Whether or not an assignee of a membership interestbecomes a member, the assignor is not released from the assignor's liability tothe limited liability company under § 7-16-25 and § 7-16-32.

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State Codes and Statutes

Statutes > Rhode-island > Title-7 > Chapter-7-16 > 7-16-36

SECTION 7-16-36

§ 7-16-36 Right of assignee to become amember. – (a) Except as otherwise provided in a written operating agreement, an assigneeof an interest in a limited liability company may become a member only if theother members unanimously consent. The consent of a member may be evidenced inany manner specified in an operating agreement, but in the absence ofspecification, consent is evidenced by a written instrument, dated and signedby the member, or evidenced by a vote taken at a meeting of the members calledin accordance with the operating agreement and maintained with the records ofthe limited liability company.

(b) An assignee who becomes a member has, to the extentassigned, the rights and powers, and is subject to the restrictions andliabilities, of a member under the articles of organization, any operatingagreement and this chapter.

(c) An assignee who becomes a member is liable for anyobligations of the assignor to make contributions and to return distributionsunder this chapter.

(d) Whether or not an assignee of a membership interestbecomes a member, the assignor is not released from the assignor's liability tothe limited liability company under § 7-16-25 and § 7-16-32.