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House Journal: Page 1690: Tuesday, April 29, 1997

12     Sec. ___.  NEW SECTION.  490A.306  ADMISSION OF
13   MEMBERS.
14     1.  In connection with the formation of a limited
15   liability company, a person is admitted as a member of
16   the limited liability company upon the later to occur
17   of the following:
18     a.  The formation of the limited liability company.
19     b.  The time provided in, and upon compliance with,
20   the operating agreement or, if the operating agreement
21   does not so provide, when the person's admission is
22   reflected in the records of the limited liability
23   company.
24     2.  After the formation of a limited liability
25   company, a person is admitted as a member of the
26   limited liability company as follows:
27     a.  In the case of a person who is not an assignee
28   of a membership interest, including a person acquiring
29   a membership interest directly from the limited
30   liability company and a person to be admitted as a
31   member of the limited liability company without
32   acquiring a membership interest in the limited
33   liability company, at the time provided in and upon
34   compliance with the operating agreement or, if the
35   operating agreement does not so provide, upon the
36   consent of all members and the person's admission
37   being reflected in the records of the limited
38   liability company.
39     b.  In the case of an assignee of a membership
40   interest, as provided in section 490A.903 and at the
41   time provided in and upon compliance with the
42   operating agreement, or if the operating agreement
43   does not so provide, when any such person's permitted
44   admission is reflected in the records of the limited
45   liability company.
46     c.  Unless otherwise provided in an agreement of
47   merger, in the case of a person acquiring a membership
48   interest in a surviving or resulting limited liability
49   company pursuant to a merger approved pursuant to
50   section 490A.1203, at the time provided in and upon

Page  10

 1   compliance with the operating agreement of the
 2   surviving or resulting limited liability company.
 3     3.  A person may be admitted to a limited liability
 4   company as a member of the limited liability company
 5   and may receive a membership interest in the limited
 6   liability company without making a contribution or
 7   being obligated to make a contribution to the limited
 8   liability company.  Unless otherwise provided in an
 9   operating agreement, a person may be admitted to a
10   limited liability company as a member of the limited
11   liability company without acquiring a membership

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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