Source: https://law.justia.com/codes/hawaii/2010/division2/title23a/chapter428/428-602/
Timestamp: 2019-08-25 15:52:12
Document Index: 484254657

Matched Legal Cases: ['§ 428', '§428', '§428', '§ 428', '§428', '§1']

HI Rev Stat § 428-602 :: Member's power to dissociate; wrongful dissociation. :: 2010 Hawaii Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Hawaii Code 2010 Hawaii Code DIVISION 2. BUSINESS TITLE 23A. OTHER BUSINESS ENTITIES 428. Uniform Limited Liability Company Act §428-602 Member's power to dissociate; wrongful dissociation.
§428-602 Member's power to dissociate; wrongful dissociation.
HI Rev Stat § 428-602 (2010 through Reg Sess) What's This?
[§428-602] Member's power to dissociate; wrongful dissociation. (a) A member has the power to dissociate from a limited liability company at any time, rightfully or wrongfully, by express will.
(b) A member's dissociation from a limited liability company is wrongful only if:
(1) It is in breach of an express provision of the operating agreement; or
(2) Before the expiration of the term of a company having a specified term:
(A) The member withdraws by express will;
(B) The member is expelled by judicial determination under section 428-601(5);
(C) The member is dissociated by becoming a debtor in bankruptcy; or
(D) In the case of a member who is not an individual, trust other than a business trust, or estate, the member is expelled or otherwise dissociated because it wilfully dissolved or terminated its existence.
(d) If a limited liability company does not dissolve and wind up its business as a result of a member's wrongful dissociation under subsection (b), damages sustained by the company for the wrongful dissociation shall be offset against distributions otherwise due the member after the dissociation. [L 1996, c 92, pt of §1]