2019 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 37 - Uniform Protected Series Act
Subchapter 3 - Associated Asset; Associated Member; Protected-Series Transferable Interest; Management; Right of Information
§ 4-37-302. Associated Member

(a) Only a member of a series limited liability company may be an associated member of a protected series of the company.

(b) 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 agreement states:

• (1) that the member is an associated member of the protected series;

• (2) the date on which the member became an associated member; and

• (3) any protected-series transferable interest the associated member has in connection with becoming or being an associated member.

(c) 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.