§428-501 - Member's distributional interest. - Hawaii Statutes

PART V.  TRANSFEREES AND CREDITORS OF MEMBERS

 

     [§428-501]  Member's distributional interest.  (a)  A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.

     (b)  A distributional interest in a limited liability company is personal property and, subject to sections 428-502 and 428-503, may be transferred in whole or in part.

     (c)  An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to section 428-503, may also provide for the transfer of any interest represented by the certificate. [L 1996, c 92, pt of §1]