2011 South Dakota Code
Title 47 CORPORATIONS
Chapter 34A. Uniform Limited Liability Company Act
§47-34A-603 Effect of a member's dissociation.
47-34A-603. Effect of a member's dissociation. (a) A limited liability company does not dissolve and wind up its business as result of a member's dissociation.
(b) Upon a member's dissociation from a limited liability company:
(1) The member's right to participate in the management and conduct of the company's business terminates, except as otherwise provided in § 47-34A-803, and the member ceases to be a member and is treated the same as a transferee of a member;
(2) The member's duty of loyalty under § 47-34A-409(b)(3) terminates; and
(3) The member's duty of loyalty under § 47-34A-409(b)(1) and (2) and duty of care under § 47-34A-409(c) continue only with regard to matters arising and events occurring before the member's dissociation.
Source: SL 1998, ch 272, § 603.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
