§ 13.1-1099.3 Associated members
A. Only a member of a series limited liability company may be an associated member of a protected series of the series limited liability company.
B. A member of a series limited liability company becomes an associated member of a protected series of the series limited liability company if the operating agreement or a procedure established by the operating agreement states:
1. That the member is an associated member of the protected series;
2. The date on which the member became an associated member; and
3. Any protected series membership interest the associated member has in connection with becoming or being an associated member.
C. If a person that is an associated member of a protected series of a series limited liability company is dissociated from the series limited liability company, the person ceases to be an associated member of the protected series.
History
This law was first created in 2019. The record of its establishment is cataloged in chapter 636 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2019, c. 636.