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Admission of members

Cap. 270:01, s. 50 · Revised Edition 2020

(1) At the time the limited liability company is formed, a person becomes a member upon compliance with the operating (2) A person may be admitted as an additional member as follows, 46 (a) if a person is acquiring an interest in the limited liability company directly from the limited liability company, on the manager’s written acknowledgment or acceptance of the person’s admission under the applicable provisions of an operating agreement, or if an operating agreement does not so provide, on the consent of all members; (b) if the person is an assignee of all or part of a member’s interest in a limited liability company, on the terms provided in an operating agreement or, if an operating agreement does not so provide, on the approval or consent of all members; (c) if the person is an assignee of an interest in the limited liability company of a member who has the power under an operating agreement to grant the assignee the right to become a member, on the exercise of the power in compliance with all conditions governing the member’s exercise of the (d) if there are no members and all of the assignees consent in writing to the admission of one or more persons as a member or members, unless otherwise provided in the (3) A limited liability company may, but need not, have more than one member.
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Admission of members — Cap. 270:01 s. 50 · Belize Law