Section 602. Admission of members  


Latest version.
  • (a)  A  person becomes a member of a
      limited liability company on the later of:
        (1) the effective date of the initial articles of organization; or
        (2) the date as of which the person becomes a member pursuant to  this
      section or the operating agreement; provided, however, that if such date
      is  not  ascertainable,  the  date  stated in the records of the limited
      liability company.
        (b) After the effective date of a limited liability company's  initial
      articles of organization, a person may be admitted as a member:
        (1)  in  the case of a person acquiring a membership interest directly
      from the limited liability company, upon compliance with  the  operating
      agreement  or,  if the operating agreement does not so provide, upon the
      vote or written consent of a majority in interest of the members;
        (2) in the case of an assignee of a membership interest  of  a  member
      who  has the power, as provided in the operating agreement, to grant the
      assignee the right to become a member, upon the exercise of  that  power
      and compliance with any conditions limiting the grant or exercise of the
      power; or
        (3)   unless   otherwise   provided  in  an  agreement  of  merger  or
      consolidation or the operating  agreement,  in  the  case  of  a  person
      acquiring  a  membership  interest  in  a surviving or resulting limited
      liability company pursuant to a  merger  or  consolidation  approved  in
      accordance  with  subdivision  (b)  of  section one thousand one of this
      chapter, at the time provided in and upon compliance with the  operating
      agreement of the surviving or resulting limited liability company.