Effect of person’s dissociation as member.
When a person is dissociated as a member of a limited liability company: The person’s right to participate as a member in the management and conduct of the company’s activities and affairs shall terminate; If the company is member-managed, the person’s duties and obligations under § 29-804.09 end with regard to matters arising and events occurring after the person’s dissociation; and Subject to § 29-805.04, subchapter IX of this chapter, and Chapter 2 of this title, any transferable interest owned by the person immediately before dissociation in the person’s capacity as a member is owned by the person solely as a transferee. A person’s dissociation as a member of a limited liability company shall not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 603 of the Uniform Limited Company Act (2006 Act).
Annotations
July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720 Mar. 5, 2013, D.C. Law 19-210, § 2(h)(7)(C), 59 DCR 13171 The 2013 amendment by D.C. Law 19-210 substituted “activities and affairs” for “activities” in (a)(1); and substituted “duties and obligations under § 29-804.09” for “fiduciary duties as a member shall” in (a)(2).
Sourced from the DC Council Open Law Library (public domain).
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