1. 1. Only a member of a series limited liability company may be an associated member of a protected series of the company.

2. 2. A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states all of the following:

   1. a. That the member is an associated member of the protected series.
   2. b. The date on which the member became an associated member.
   3. c. Any protected-series transferable interest the associated member has in connection with becoming or being an associated member.
3. 3. If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.

Section takes effect July 1, 2020; 2019 Acts, ch 26, §41 NEW section

2019 Acts, ch 26, §16, 41

Referred to in §489.14102, 489.14107