§4083. Effect of member's dissociation

Link to law: http://legislature.vermont.gov/statutes/section/11/025/04083
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

025

:
LIMITED LIABILITY COMPANIES






Subchapter

006
:
MEMBER'S DISSOCIATION










 

§

4083. Effect of member's dissociation

(a) When a

person is dissociated as a member of a limited liability company:

(1) the person's

right to participate as a member in the management and conduct of the company's

business terminates;

(2) if the

company is member-managed, the person's fiduciary duties as a member end with

regard to matters arising and events occurring after the person's dissociation;

and

(3) subject to

section 4075 of this title and subchapter 10 of this chapter, any

distributional 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.

(b) A person's

dissociation as a member of a limited liability company does not of itself

discharge the person from any debt, obligation, or other liability to the

company or the other members that the person incurred while a member. (Added

2015, No. 17, § 2.)
Read Entire Law on legislature.vermont.gov