                                 CODE OF VIRGINIA

PROTECTED SERIES MEMBERSHIP INTERESTS (§ 13.1-1099.4)

A. A protected series membership interest of a protected series of a series
limited liability company shall be owned initially by an associated member of
the protected series or the series limited liability company.

B. If a protected series of a series limited liability company has no associated
members when established, the series limited liability company owns the
protected series membership interests in the protected series.

C. In addition to acquiring a protected series membership interest under
subsection B, a series limited liability company may acquire a protected series
membership interest through a transfer from another person or as provided in the
operating agreement.

D. Except for subdivision A 3 of &#xA7; 13.1-1094, a provision of this article
that applies to a protected series assignee of a protected series of a series
limited liability company applies to the series limited liability company in its
capacity as an owner of a protected series membership interest of the protected
series. A provision of the operating agreement of a series limited liability
company that applies to a protected series assignee of a protected series of the
series limited liability company applies to the series limited liability company
in its capacity as an owner of a protected series membership interest of the
protected series.

HISTORY: 2019, c. 636.