2009 Alabama Code
Title 10 — CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS.
Chapter 12 — LIMITED LIABILITY COMPANY ACT.
Section 10-12-31 Admission of additional members.
Section 10-12-31Admission of additional members.
(a) After the filing of a limited liability company's original articles of organization, 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 10-12-33.
(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.
(Acts 1993, No. 93-724, p. 1425, §31.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
