Unless otherwise provided in an operating agreement of the company, when an assignee of a member's limited liability company interest becomes a member of the company with respect to the assignor's entire interest, the assignor ceases to be a member or to have the power to exercise the rights of a member.
AS 10.50.180
Rights of assignor when assignee becomes a member
Known as the Alaska Revised Limited Liability Company Act
The act spans §§ 10–10 (147 sections).
Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.