Interest in limited liability company; transferability of interest

(1) Except as otherwise provided by the operating agreement, members of a limited liability company shall not voluntarily transfer all or any part of their respective member interests at any time without the prior written consent of all the managers or of the manager, if there is one, and, if not, all the non-transferring members. (2) Unless otherwise provided in the operating agreement, any transfer by a member of all or any part of such member’s interest in the company shall be subject to the option provision set forth in section 56 of this Act hereof (subject to the exception set forth in subsection (3) of this section). (3) Where a member transfers his membership interest by gift or bequest to such member’s immediate family or to a trust established by such member for the benefit of such member or such member’s spouse or lineal descendants or to another entity owned or controlled by the member or his family, such transfer shall not be subject to the option described in section 56 but shall be subject to all of the other provisions of this Part.