(A) A person ceases to be a member of a limited liability company upon the occurrence of one or more of the following events:

1. (1) the member withdraws by voluntary act from the limited liability company;
2. (2) the member ceases to be a member of the limited liability company as provided in Section 33-43-706;

3. (3) the member is removed as a member;

   1. (a) in accordance with an operating agreement or,
   2. (b) unless otherwise provided in writing in the operating agreement, when a member assigns all of his interest in the limited liability company, by an affirmative vote of a majority in interest of the members who have not assigned their interests;

4. (4) the member;

   1. (a) makes an assignment for the benefit of creditors,
   2. (b) files a voluntary petition in bankruptcy,
   3. (c) is adjudicated a bankrupt or insolvent,
   4. (d) files a petition or answer seeking for the member any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation,
   5. (e) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the member in any proceeding of this nature or,
   6. (f) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the member or of all or any substantial part of the member's properties;
5. (5) if within one hundred twenty days after the commencement of any proceeding against the member seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation, the proceeding has not been dismissed, or if within one hundred twenty days after the appointment without his consent or acquiescence of a trustee, receiver, or liquidator of the member or of all or any substantial part of his properties, the appointment is not vacated or stayed or if within one hundred twenty days after the expiration of any stay, the appointment is not vacated;

6. (6) in the case of a member who is an individual;

   1. (a) the member's death or,
   2. (b) the entry of an order by a court of competent jurisdiction adjudicating the member to be an incapacitated person so that he lacks sufficient understanding or capacity to make or communicate responsible decisions concerning his person or property.
7. (7) in the case of a member which is a trust or is acting as a member by virtue of being a trustee of a trust, the termination of the trust, but not merely the substitution of a new trustee;
8. (8) in the case of a member that is a separate limited liability company, the dissolution and commencement of winding up of the separate limited liability company;
9. (9) in the case of a member that is a corporation, the filing of a certificate of its dissolution or the equivalent for the corporation, or the lapse of ninety days after notice to the corporation of revocation without a reinstatement of its charter;
10. (10) in the case of an estate, the distribution by the fiduciary of the estate's entire interest in the limited liability company;
11. (11) in the case of a member which is a partnership, the dissolution and commencement of winding up of the partnership;

12. (12) on application by the limited liability company or another member, the member's expulsion by judicial decree because,

    1. (a) the member engaged in wrongful conduct that adversely and materially affected the limited liability company business;
    2. (b) the member wilfully or persistently committed a material breach of the operating agreement or of a duty owed to the limited liability company or the other members under Section 33-43-402 or any other agreement between the member and the limited liability company or other members;
    3. (c) it is unlawful to carry on the limited liability company business with the member; or,
    4. (d) the member engaged in conduct relating to the limited liability company business which makes it not reasonably practicable to carry on the business with that member, or;
13. (13) if the member is not an individual, partnership, limited liability company, corporation, trust, or estate; upon termination of the member.