Section 10-12-31 Admission of additional members. - Alabama Statutes

Section 10-12-31

Admission of additional members.

(a) After the filing of a limited liability company's original articles of organization, additional members may be admitted as follows:

(1) In the case of a member acquiring an interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not provide for the admission of additional members, with the written consent of all members.

(2) In the case of an assignee of an interest of a member, by complying with Section 10-12-33.

(b) The effective time of admission of a member to a limited liability company shall be the later of:

(1) The date the limited liability company is formed.

(2) The time provided in the operating agreement, or if no time is provided, then when the person's admission is reflected in the records of the limited liability company.

(Acts 1993, No. 93-724, p. 1425, §31.)