13.1-1116 - Disqualification of member, manager, agent or employee. - Virginia Statutes

§ 13.1-1116. Disqualification of member, manager, agent or employee.

If any member, manager, agent or employee of a professional limited liabilitycompany organized under this chapter who has been rendering professionalservice to the public becomes legally disqualified to render thoseprofessional services within this Commonwealth, that member, manager, agentor employee shall immediately sever all employment with, and financialinterests in, that professional limited liability company except that themember, manager, agent or employee may be a member subject to the provisionsof this chapter. A professional limited liability company's failure torequire compliance with this provision shall constitute a ground for theforfeiture of its articles of organization and the cancellation of itsexistence by the State Corporation Commission.

(1992, c. 574; 2009, c. 201.)