Section 601 - Admission of members. - Maryland Statutes

§ 4A-601. Admission of members.
 

(a)  When effective.- A person becomes a member of a limited liability company: 

(1) At the time the limited liability company is formed; or 

(2) At any later time specified in the operating agreement. 

(b)  Conditions for admission.- After the formation of a limited liability company, a person may be admitted as a member: 

(1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members; or 

(2) In the case of an assignee of an interest of a member who has the power as provided in § 4A-604 of this subtitle to grant the assignee the right to become a member, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of that power. 

(c)  Admission without contribution or interest.- Unless otherwise provided in the articles of organization or the operating agreement of a limited liability company, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without: 

(1) Making a contribution to the limited liability company; 

(2) Being obligated to make a contribution to the limited liability company; or 

(3) Acquiring an interest in the limited liability company. 
 

[1992, ch. 536; 2002, ch. 514.]