21-2621 Interest in company; transferability of interest; admission of additional members. - Nebraska Statutes

21-2621. Interest in company; transferability of interest; admission of additional members.The interest of a member in a limited liability company constitutes the personal estate of the member and may be transferred or assigned as provided in the articles of organization or operating agreement. Unless otherwise provided in the articles of organization or the operating agreement, if a majority in interest of the members of the limited liability company other than the member proposing to dispose of such member's interest do not approve of the proposed transfer or assignment of part or all of the member's interest to a nonmember by written consent, the nonmember transferee of the member's interest shall have no right to participate in the management of the business and affairs of the limited liability company or to become a member, and the nonmember transferee shall only be entitled to receive the share of profits or other compensation by way of income and the return of capital to which the transferring member would otherwise be entitled. Unless otherwise provided in the articles of organization or the operating agreement, additional members shall be admitted only upon an affirmative vote of a majority in interest of the current members of the limited liability company. SourceLaws 1993, LB 121, § 21; Laws 1994, LB 884, § 36; Laws 1996, LB 681, § 185; Laws 1997, LB 631, § 14. Termination Date: January 1, 2013