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2019 Michigan Compiled Laws
Chapter 450 - Corporations
Act 23 of 1993 Michigan Limited Liability Company Act (450.4101 - 450.5200)
Article 5 - (450.4501...450.4515)
Section 450.4509 Withdrawal of Member; Distribution; Expulsion.
Universal Citation: MI Comp L § 450.4509 (2019)
450.4509 Withdrawal of member; distribution; expulsion.
Sec. 509.
(1) A member may withdraw from a limited liability company only as provided in an operating agreement. A member withdrawing pursuant to an operating agreement may become entitled to a withdrawal distribution as described in section 305.
(2) An operating agreement may provide for the expulsion of a member or for other events the occurrence of which will result in a person ceasing to be a member of the limited liability company.
History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 1997, Act 52, Imd. Eff. July 1, 1997
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