Section 902 - Causes of dissolution; continuation. - Maryland Statutes

§ 4A-902. Causes of dissolution; continuation.
 

(a)  Causes of dissolution.- A limited liability company is dissolved and shall commence the winding up of its affairs on the first to occur of the following: 

(1) At the time or on the happening of the events specified in the articles of organization or the operating agreement; 

(2) At the time specified by the unanimous consent of the members; 

(3) At the time of the entry of a decree of judicial dissolution under § 4A-903 of this subtitle; or 

(4) Except as otherwise provided in the operating agreement or as provided in subsection (b) of this section, at the time the limited liability company has had no members for a period of 90 consecutive days. 

(b)  Continuation after no remaining members.- A limited liability company may not be dissolved or required to wind up its affairs if within 90 days after there are no remaining members of the limited liability company or within the period of time provided in the operating agreement: 

(1) The last remaining member's personal representative or successor agrees in writing to continue the limited liability company and to be admitted as a member or to appoint a designee as a member to be effective as of the time the last remaining member ceased to be a member; or 

(2) A member is admitted to the limited liability company in the manner set forth in the operating agreement to be effective as of the time the last remaining member ceased to be a member under a provision in the operating agreement that provides for the admission of a member after there are no remaining members. 

(c)  Continuation by personal representative or successor.- An operating agreement may provide that the last remaining member's personal representative or successor shall be obligated to agree in writing to continue the limited liability company and to be admitted as a member or to appoint a designee as a member to be effective as of the time the last remaining member ceased to be a member. 

(d)  Continuation after termination of membership.- Except as otherwise provided in the operating agreement and subject to the provisions of subsection (b) of this section, the termination of a person's membership may not cause a limited liability company to be dissolved or to wind up its affairs and the limited liability company shall continue in existence following the termination of a person's membership. 
 

[1992, ch. 536; 1997, ch. 659, § 1; 2002, ch. 514.]