- (a) A limited liability organization licensed under this title shall report to the board when a member of the limited liability organization transfers 10 percent or more of the ownership of the organization and shall report a change of managers.
- (b) The report to the board shall be made in writing in duplicate and shall be sent within 10 days after the change in member interest or manager.
- (c) A limited liability organization that fails to report as required under (a) of this section commits the offense of failure to report a change in member interest or manager.
- (d) Failure to report a change in member interest or manager is a violation.