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§ 4a-604 — Maryland Law | CourtGPT
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  5. Title 4a - Limited Liability Company Act/
  6. Subtitle 6 - Membership/
  7. § 4a-604
Maryland Legal Code

§ 4a-604

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(a) An assignee of an economic interest in a limited liability company may become a member of the limited liability company under any of the following circumstances: (1) In accordance with the terms of the operating agreement providing for the admission of a member; (2) By the unanimous consent of the members; or (3) If there are no remaining members of the limited liability company at the time the assignee obtains the economic interest, on terms that the assignee may determine in accordance with § 4A–902(b)(1)(i) of this title. (b) An assignee who becomes a member: (1) Has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a member under the operating agreement and this title; and (2) Is liable for any obligations of his assignor to make capital contributions.