Code of Alabama
Article 5 - Contributions and Distributions.
Section 10A-5-5.05 - Purchase of Interest of Member Whose Membership Has Ceased. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Unless the governing documents of a limited liability company or a private agreement provide for the purchase of the interest of a former member whose membership has ceased, neither the limited liability company nor its members shall be obligated to purchase the interest of a former member whose membership has ceased.

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Structure Code of Alabama

Code of Alabama

Title 10A - Alabama Business and Nonprofit Entities Code.

Chapter 5 - Limited Liability Companies.

Article 5 - Contributions and Distributions.

Section 10A-5-5.01 - Contribution. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Section 10A-5-5.02 - Liability for Contributions. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Section 10A-5-5.03 - Sharing of Profits and Losses. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Section 10A-5-5.04 - Interim Distributions of Property; Impairment of Capital. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.

Section 10A-5-5.05 - Purchase of Interest of Member Whose Membership Has Ceased. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.