CODE OF VIRGINIA

EFFECT OF A MEMBER’S DISSOCIATION (§ 13.1-1040.2)

A. Except as provided in the articles of organization or an operating agreement,
the dissociation of a member shall not affect the membership interest held by
the dissociated member or the former member’s successor in interest. The
former member or successor in interest shall continue to hold a membership
interest and shall have the same rights that an assignee of the membership
interest would have under subsection A of § 13.1-1039.

B. Except as provided in the articles of organization or an operating agreement,
the dissociation of a member shall not cause the limited liability company to be
dissolved or its affairs to be wound up, and, upon the occurrence of any such
event, the limited liability company shall be continued without dissolution.

HISTORY: 2000, c. 581; 2006, c. 912.