Except as provided in the articles of organization or an operating agreement, a member or manager may lend money to and transact other business with the limited liability company and, subject to other applicable law, has the same rights and obligations with respect thereto as a person who is not a member or manager.
Va. Code Ann. § 13.1-1026
Business transactions of members or managers with the limited liability company
Known as the Virginia Limited Liability Company Act
The act spans §§ 13.1-1000 to 13.1-1099.9 (156 sections).
Applied in 1 court decision — leading case WAKA, L.L.C. v. Humphrey (2007)
Most recently applied in WAKA, L.L.C. v. Humphrey (May 2007)
1991, c. 168.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.