Unless otherwise provided in an operating agreement of the company, when an assignee of a member's limited liability company interest becomes a member of the company with respect to the assignor's entire interest, the assignor ceases to be a member or to have the power to exercise the rights of a member.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 50. Alaska Revised Limited Liability Company Act
Sec. 10.50.155. Membership requirements.
Sec. 10.50.160. Effective date of admission.
Sec. 10.50.165. Authorization for assignee to become member.
Sec. 10.50.170. Rights, powers, and liabilities of assignee who becomes a member.
Sec. 10.50.180. Rights of assignor when assignee becomes a member.
Sec. 10.50.185. Resignation of member.
Sec. 10.50.205. Removal of member.
Sec. 10.50.210. Effect of death or incompetency on membership.
Sec. 10.50.215. Termination of membership held by trust, trustee, or estate.