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SB 41 - Limited Liability Cos.- mbr. not entitled pmt. after dissociation (7)

Egan, Michael J (40th)

Status Summary	SC:	S Judy	HC:	Judy	FR:	01/25/99	LA:	04/28/99	Signed by Governor

First Reader Summary

A bill to amend Chapter 11 of Title 14 of the Official Code of Georgia Annotated, known as the "Georgia Limited Liability Company Act," so as to provide that effective for limited liability companies formed on or after July 1, 1999, except as otherwise provided in the articles of organization or a written operating agreement, a member with respect to which an event of dissociation occurs is not entitled to receive any payment by reason of such event and will become an assignee as to such limited liability company interest.

Code Sections

Code Sections amended: 14-11-405, 14-11-601, 14-11-601.1, 14-11-602, 14-11-604