US Laws, Codes, Statutes & Cases

53-19-36. Admission of members.

A.     Subject to the provisions of Subsection B of this section, a person may become a member of a limited liability company:   

(1)     in the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the articles of organization or an operating agreement or, if neither the articles nor an operating agreement so provides, upon the written consent of all members; and   

(2)     in the case of an assignee of a member's interest, as provided in Subsection A of Section 33 [ 53-19-33 NMSA 1978] of the Limited Liability Company Act.   

B.     The effective time of admission of a member is the later of:   

(1)     the date the limited liability company is formed; or   

(2)     the time provided in the articles of organization or an operating agreement or, if no such time is provided in the articles of organization or an operating agreement, then when the person's admission is reflected in the records of the limited liability company.