79-29-915 - Cancellation of disqualified membership interests. - Mississippi Statutes

§ 79-29-915. Cancellation of disqualified membership interests.
 

If the membership interest of a disqualified person is not acquired under Section 79-29-912 or 79-29-913 within ten (10) months after the death of the member or within five (5) months after the disqualification or transfer, the professional limited liability company shall immediately cancel the membership interest on its books and the disqualified person has no further interest as a member in the limited liability company other than his right to payment of the fair value of the membership interest under Section 79-29-912 or 79-29-913. 
 

Sources: Laws,  1995, ch. 494, § 50, eff from and after July 1, 1995.