Md. Code, Corps. & Ass'ns § 4A-604
Md. Code, Corps. & Ass'ns § 4A-604
Maryland · Maryland Code, Corporations and Associations · Status: effective
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- Citation
- Md. Code, Corps. & Ass'ns § 4A-604, Maryland, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1759151
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Full text
(a) An assignee of an economic interest in a limited liability company may become a member of the limited liability company under any of the following circumstances:
(1) In accordance with the terms of the operating agreement providing for the admission of a member;
(2) By the unanimous consent of the members; or
(3) If there are no remaining members of the limited liability company at the time the assignee obtains the economic interest, on terms that the assignee may determine in accordance with § 4A–902(b)(1)(i) of this title.
(b) An assignee who becomes a member:
(1) Has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the operating agreement and this title; and
(2) Is liable for any obligations of his assignor to make capital contributions.