Sec. 509.
(1) A member may withdraw from a limited liability company only as provided in an operating agreement. A member withdrawing pursuant to an operating agreement may become entitled to a withdrawal distribution as described in section 305.
(2) An operating agreement may provide for the expulsion of a member or for other events the occurrence of which will result in a person ceasing to be a member of the limited liability company.
History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 1997, Act 52, Imd. Eff. July 1, 1997
Structure Michigan Compiled Laws
Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200)
Article 5 - (450.4501...450.4515)
Section 450.4501 - Members; Admission; Liability for Acts, Debts, or Obligations.
Section 450.4502 - Members; Voting Rights.
Section 450.4504 - Membership Interest as Personal Property.
Section 450.4508 - Encumbrance Against Membership Interest; Effect.
Section 450.4509 - Withdrawal of Member; Distribution; Expulsion.
Section 450.4510 - Commencement and Maintenance of Civil Suit by Company; Conditions.
Section 450.4511 - Investigation of Allegations; Stay of Derivative Proceeding.
Section 450.4514 - Termination of Derivative Proceeding; Court Order.