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2020 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 5 - Limited Liability Companies.
Article 5 - Contributions and Distributions.
Section 10A-5-5.05 - Purchase of Interest of Member Whose Membership Has Ceased. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.
Universal Citation: AL Code § 10A-5-5.05 (2020)
Section 10A-5-5.05
Purchase of interest of member whose membership has ceased. REPEALED IN THE 2014 REGULAR SESSION BY ACT 2014-144 EFFECTIVE JANUARY 1, 2017.
Unless the governing documents of a limited liability company or a private agreement provide for the purchase of the interest of a former member whose membership has ceased, neither the limited liability company nor its members shall be obligated to purchase the interest of a former member whose membership has ceased.
(Acts 1993, No. 93-724, p. 1425, §30; Act 97-920, 1st Ex. Sess., p. 312, §1; §10-12-30; amended and renumbered by Act 2009-513, p. 967, §232.)
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