Source: https://code.dccouncil.us/dc/council/code/sections/29-805.02.html
Timestamp: 2019-04-20 18:41:44+00:00

Document:
D.C. Law Library - § 29–805.02. Transfer of transferable interest.
↪ § 29–805.02. Transfer of transferable interest.
§ 29–805.01. Nature of transferable interest.
(B) Except as otherwise provided in subsection (c) of this section, have access to records or other information concerning the company’s activities and affairs.
(b) A transferee shall have the right to receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled.
(c) In a dissolution and winding up of a limited liability company, a transferee shall be entitled to an account of the company’s transactions only from the date of dissolution.
(f) A transfer of a transferable interest in violation of a restriction on transfer contained in the operating agreement shall be ineffective as to a person having notice of the restriction at the time of transfer.
(g) Except as otherwise provided in § 29-806.02(4)(B), when a member transfers a transferable interest, the transferor shall retain the rights of a member other than the interest in distributions transferred and shall retain all duties and obligations of a member.
(h) If a member transfers a transferable interest to a person that becomes a member with respect to the transferred interest, the transferee shall be liable for the member’s obligations under §§ 29-804.03 and 29-804.06(c) known to the transferee when the transferee becomes a member.
This section is referenced in § 29-804.04, § 29-805.03, § 29-805.04, and § 29-807.05.
The 2013 amendment by D.C. Law 19-210 substituted “Subject to § 29-805.03(f), a transfer” for “A transfer” in the introductory language of (a); substituted “activities and affairs” for “activities” throughout (a); and substituted “If” for “When” at the beginning of (h).
Uniform Law: This section is based on § 502 of the Uniform Limited Company Act (2006 Act).

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