2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 89 - Limited Liability Companies
8924 - Limited transferability of membership interest.

     § 8924.  Limited transferability of membership interest.
        (a)  General rule.--The interest of a member in a limited
     liability company constitutes the personal estate of the member
     and may be transferred or assigned as provided in writing in the
     operating agreement. Unless otherwise provided in writing in the
     operating agreement, if all of the other members of the company
     other than the member proposing to dispose of his interest do
     not approve of the proposed transfer or assignment by unanimous
     vote or written consent, which approval may be unreasonably
     withheld by any of the other members, the transferee of the
     interest of the member shall have no right to participate in the
     management of the business and affairs of the company or to
     become a member. The transferee shall only be entitled to
     receive the distributions and the return of contributions to
     which that member would otherwise be entitled.
        (b)  Certificate of membership interest.--The certificate of
     organization may provide that a member's interest in a company
     may be evidenced by a certificate of membership interest issued
     by the company. If such provision is made for the issuance of
     certificates of membership interest, the operating agreement may
     provide for the assignment or transfer of any membership
     interest represented by such a certificate and make other
     provisions with respect to such certificates.
     (June 22, 2001, P.L.418, No.34, eff. 60 days)