2006 Code of Virginia § 13.1-1040.2 - Effect of a member\'s dissociation
13.1-1040.2. Effect of a member's dissociation.
A. Except as provided in the articles of organization or an operatingagreement, the dissociation of a member shall not affect the membershipinterest held by the dissociated member or the former member's successor ininterest. The former member or successor in interest shall continue to hold amembership interest and shall have the same rights that an assignee of themembership interest would have under subsection A of 13.1-1039.
B. Except as provided in the articles of organization or an operatingagreement, the dissociation of a member shall not cause the limited liabilitycompany to be dissolved or its affairs to be wound up, and, upon theoccurrence of any such event, the limited liability company shall becontinued without dissolution.
(2000, c. 581; 2006, c. 912.)
Disclaimer: These codes may not be the most recent version. Virginia 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.
