Section 10.50.205. Removal of member.

   (a) A person's membership in a limited liability company may not be terminated by removal except as provided by (b) or (c) of this section.
   (b) Except as provided in (c) of this section, a person's membership in a limited liability company terminates if the person assigns all of the person's interest in the company and if a majority of the members who have not assigned their interests in the company authorize the removal of the person as a member.
   (c) If an operating agreement of the company provides for the removal of a member with or without cause, a person's membership in a limited liability company terminates if the person is removed as a member in the manner and under the circumstances provided in the agreement.

Authorities

10.50.185;10.50.375

Notes

References

AS 10.50.185 Resignation of member.
AS 10.50.375 Assignment of interest in company.

History

(Sec. 1 ch 99 SLA 1994)