Limited Liability Companies

ORS 63.245
Admission of members


(1)

A person becomes a member of a limited liability company on the later of:

(a)

The date the initial articles of organization are filed; or

(b)

The date stated in the records of the limited liability company as the date the person becomes a member.

(2)

After the filing of the limited liability company’s initial articles of organization, a person may be admitted as a member of the limited liability company upon compliance with the articles of organization or any operating agreement, or, if neither the articles of organization nor any operating agreement so provide:

(a)

In the case of a person acquiring a membership interest directly from the limited liability company, upon the consent of a majority of the members;

(b)

In the case of an assignee of a limited liability company membership interest not governed by paragraph (c) of this section, upon the consent of a majority of the members other than the assignor; or

(c)

In the case of an assignee of a membership interest in a limited liability company in which, immediately following the assignment, the limited liability company otherwise would have no members, simultaneously with and upon the assignment of the membership interest. [1993 c.173 §49; 1995 c.93 §13; 1997 c.646 §4]
Chapter 63

Law Review Citations

30 WLR 291 (1994); 73 OLR 5, 25, 43, 133, 151 (1994)


Source

Last accessed
Jun. 26, 2021