§428-703 - Dissociated member's power to bind the limited liability company. - Hawaii Statutes

     [§428-703]  Dissociated member's power to bind the limited liability company.  Provided that the dissociation does not result in a dissolution and winding up of a limited liability company's business, for two years after a member dissociates from the company, the company, including a surviving company under part IX, shall be bound by an act of the dissociated member which would have bound the company under section 428-301 before dissociation only if at the time of entering into the transaction the other party:

     (1)  Reasonably believed that the dissociated member was then a member;

     (2)  Did not have notice of the member's dissociation; and

     (3)  Is not deemed to have had notice under section 428-704. [L 1996, c 92, pt of §1]