450.4509 Withdrawal of member; distribution; expulsion.
99 words·~1 min read·
/mi/chapter-450/450-4509A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
450.4509 Withdrawal of member; distribution; expulsion.
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