(805 ILCS 180/35-55)
Effect of member's dissociation.
(a) Upon a member's dissociation the company must cause the dissociated
member's distributional interest to be purchased under Section 35-60.
(b) Upon a member's dissociation from a limited liability company:
(1) the member's right to participate in the
management and conduct of the company's business terminates, except as otherwise provided in Section 35-4, and the member ceases to be a member and is treated the same as a transferee of a member;
(2) the member's fiduciary duties terminate, except
as provided in subdivision (3) of this subsection (b); and
(3) the member's duty of loyalty under subdivisions
(1) and (2) of subsection (b) of Section 15-3 and duty of care under subsection (c) of Section 15-3 continue only with regard to matters arising and events occurring before the member's dissociation, unless the member participates in winding up the company's business pursuant to Section 35-4.
(Source: P.A. 90-424, eff. 1-1-98.)