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The Vermont Statutes Online
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.)