Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(805 ILCS 180/30-10)
Sec. 30-10. Rights of a transferee.
(a) A transferee of a distributional interest may become a member of a
limited
liability company if and to the extent that the transferor
gives the transferee the right in accordance with authority described in the
operating agreement or all other members consent.
(b) A transferee who has become a member, to the extent transferred, has the
rights and powers, and is subject to the restrictions and liabilities, of
a member under the operating agreement of a limited liability company and this
Act. A transferee who becomes a member also is liable for the
transferor member's obligations to make contributions under Section 20-5 and
for obligations under Section 25-35 to return unlawful distributions,
but the transferee is not obligated for the transferor member's liabilities
unknown to the transferee at the time the transferee becomes a member.
(c) Whether or not a transferee of a distributional interest becomes a
member
under subsection (a) of this Section, the transferor is not released from
liability to
the limited liability company under the operating agreement or this Act.
(d) A transferee who does not become a member is not entitled to participate
in the management or conduct of the limited liability company's business,
require access to information concerning the company's transactions, or, except as provided in subsections (c) and (d) of Section 1-40, inspect
or copy any of the company's records.
(e) A transferee who does not become a member is entitled to:
(1) receive, in accordance with the transfer, |
| distributions to which the transferor would otherwise be entitled;
|
|
(2) receive, upon dissolution and winding up of the
|
| limited liability company's business:
|
|
(A) in accordance with the transfer, the net
|
| amount otherwise distributable to the transferor; and
|
|
(B) a statement of account only from the date of
|
| the latest statement of account agreed to by all the members.
|
|
(f) A limited liability company need not give effect to a transfer until it
has notice of the transfer.
(Source: P.A. 99-637, eff. 7-1-17.)
|
