Code of Virginia § 13.1-1099.4. Protected series membership interests.
215 words·~1 min read·
/va/title-13-1/chapter-12/13-1-1099-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A protected series membership interest of a protected series of a series limited liability company shall be owned initially by an associated member of the protected series or the series limited liability company.
B. If a protected series of a series limited liability company has no associated members when established, the series limited liability company owns the protected series membership interests in the protected series.
C. In addition to acquiring a protected series membership interest under subsection B, a series limited liability company may acquire a protected series membership interest through a transfer from another person or as provided in the operating agreement.
D. Except for subdivision A 3 of § 13.1-1094 , a provision of this article that applies to a protected series assignee of a protected series of a series limited liability company applies to the series limited liability company in its capacity as an owner of a protected series membership interest of the protected series. A provision of the operating agreement of a series limited liability company that applies to a protected series assignee of a protected series of the series limited liability company applies to the series limited liability company in its capacity as an owner of a protected series membership interest of the protected series.
2019, c. 636 .