Public-domain · open source

Ala. Code § 10A-5-6.01

Admission of Additional Members. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Known as the Alabama Business and Nonprofit Entity Code

The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).

(Acts 1993, No. 93-724, p. 1425, §31; §10-12-31; amended and renumbered by Act 2009-513, p. 967, §234.)

(a) After the filing of a limited liability company’s original certificate of formation, additional members may be admitted as follows:

(1) In the case of a member acquiring an interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not provide for the admission of additional members, with the written consent of all members.

(2) In the case of an assignee of an interest of a member, by complying with Section 10A-5-6.03.

(b) The effective time of admission of a member to a limited liability company shall be the later of:

(1) The date the limited liability company is formed.

(2) The time provided in the operating agreement, or if no time is provided, then when the person’s admission is reflected in the records of the limited liability company.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.