13.1-1040.2 - Effect of a member's dissociation. - Virginia Statutes

§ 13.1-1040.2. Effect of a member's dissociation.

A. Except as provided in the articles of organization or an operatingagreement, the dissociation of a member shall not affect the membershipinterest held by the dissociated member or the former member's successor ininterest. The former member or successor in interest shall continue to hold amembership interest and shall have the same rights that an assignee of themembership interest would have under subsection A of § 13.1-1039.

B. Except as provided in the articles of organization or an operatingagreement, the dissociation of a member shall not cause the limited liabilitycompany to be dissolved or its affairs to be wound up, and, upon theoccurrence of any such event, the limited liability company shall becontinued without dissolution.

(2000, c. 581; 2006, c. 912.)