489.1204 - DISSOCIATION FROM A SERIES. - Iowa Statutes

489.1204 DISSOCIATION FROM A SERIES. Unless otherwise provided in the operating agreement, a member shall cease to be associated with a series and to have the power to exercise any rights or powers of a member with respect to such series upon the assignment of all of the member's transferable interest with respect to such series. Except as otherwise provided in an operating agreement, an event under this chapter or identified in an operating agreement that causes a member to cease to be associated with a series, by itself, shall not cause such member to cease to be associated with any other series or terminate the continued membership of a member in the limited liability company.          Section History: Recent Form 2008 Acts, ch 1162, §109, 155