§ 304-c-132

304-C:132 Non-Dissolution of Limited Liability Company Upon Member Dissociation. – I. Unless the operating agreement provides otherwise and except as provided in paragraph II: (a) The death, withdrawal, expulsion, bankruptcy, or dissolution of any member or the occurrence of any other event whose occurrence causes the dissociation of the member shall not cause the limited liability company to be dissolved or its internal affairs to be wound up; and (b) Upon the occurrence of any such event, the limited liability company shall be continued without dissolution. II. The resignation of the last remaining member of a limited liability company shall terminate the limited liability company's existence as an entity. Source. 2012, 232:2, eff. Jan. 1, 2013. 2016, 246:8, eff. Aug. 9, 2016.