§ 4A-601. Admission of members

   (a) When effective. -- A person becomes a member of a limited liability company at:

   (1) The time the limited liability company is formed;

   (2) A later time specified in the operating agreement; or

   (3) The time specified in § 4A-902(b)(1) of this title relating to continuation of the limited liability company after there are no remaining members.

(b) Conditions for admission. -- After the formation of a limited liability company, a person may be admitted as a member:

   (1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members;

   (2) In the case of an assignee of the economic interest of a member, only as provided in § 4A-604 of this subtitle; or

   (3) In the case of a personal representative or successor to the last remaining member who is not an assignee of the last remaining member, as provided in § 4A-902(b)(1) of this title.

(c) Admission without contribution or interest. -- Unless otherwise agreed, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without:

   (1) Making a capital contribution to the limited liability company;

   (2) Being obligated to make a capital contribution to the limited liability company; or

   (3) Acquiring an economic interest in the limited liability company.

HISTORY: 1992, ch. 536; 2002, ch. 514; 2011, ch. 597; 2012, chs. 599, 600; 2013, ch. 42.