N.D. Cent. Code § 10-32.1-49
This is the official text of N.D. Cent. Code § 10-32.1-49, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-32.1-49. Effect of the dissociation of a person as member
Official statutory text
10-32.1-49. Effect of the dissociation of a person as member
1. When a person is dissociated as a member of a limited liability company:
a. The right of the person to participate as a member in the management and
conduct of the activities of the company terminates;
b. If the company is member-managed, then the fiduciary duties of the person as a
member end with regard to matters arising and events occurring after the
dissociation of the person; and
c. Subject to sections 10-32.1-46 and 10-32.1-55 through 10-32.1-71, any
transferable interest owned by the person immediately before dissociation in the
capacity of the person as a member is owned by the person solely as a
transferee.
2. The dissociation of a person as a member of a limited liability company does not of
itself discharge the person from any debt, obligation, or other liability to the company
or the other members that the person incurred while a member.
1. When a person is dissociated as a member of a limited liability company:
a. The right of the person to participate as a member in the management and
conduct of the activities of the company terminates;
b. If the company is member-managed, then the fiduciary duties of the person as a
member end with regard to matters arising and events occurring after the
dissociation of the person; and
c. Subject to sections 10-32.1-46 and 10-32.1-55 through 10-32.1-71, any
transferable interest owned by the person immediately before dissociation in the
capacity of the person as a member is owned by the person solely as a
transferee.
2. The dissociation of a person as a member of a limited liability company does not of
itself discharge the person from any debt, obligation, or other liability to the company
or the other members that the person incurred while a member.
Status: in_force · Read it on the official government site
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