(1) Only a member of a series limited liability company may be an associated member of a protected series of the company.
(2) A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the operating agreement states all of the following:
(a) That the member is an associated member of the protected series.
(b) The date on which the member became an associated member of the protected series.
(c) Any protected-series transferable interest the associated member has in connection with becoming or being an associated member of the protected series.
(3) If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.