8948 - Limitation on dissociation or assignment of membership interest. - Pennsylvania Statutes

§ 8948. Limitation on dissociation or assignment of membership interest. Notwithstanding anything to the contrary set forth in this part, an operating agreement may provide that a member may not voluntarily dissociate from the limited liability company or assign his membership interest prior to the dissolution and winding-up of the company, and an attempt by a member to dissociate voluntarily from the company or to assign his membership interest in violation of the operating agreement shall be ineffective. (June 22, 2001, P.L.418, No.34, eff. 60 days)