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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 50. Alaska Revised Limited Liability Company Act
- Section 225. Other Events Terminating Membership.
previous: Section 220
. Termination On Dissolution of Member.
next: Section 240
. Effect of Election. [Repealed, Sec. 23 Ch 78 SLA 1997].
AS 10.50.225. Other Events Terminating Membership.
- (a) Unless otherwise provided in writing in an operating agreement of the company or authorized by the written consent of
all of the members of the company at the time, a person's membership in a limited liability company terminates when the
- (1) makes an assignment for the benefit of creditors;
- (2) files a voluntary petition in bankruptcy;
- (3) is adjudicated a bankrupt or insolvent;
- (4) files a petition or answer seeking for the person a reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under law;
- (5) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against
the member in a proceeding in the nature of (1) - (4) of this subsection; or
- (6) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the person or of all or
a substantial part of the person's property.
- (b) Unless otherwise provided in writing in an operating agreement of the company or consented to in writing by all of the
members of the company at the time, a person's membership in a limited liability company terminates when
- (1) a proceeding against the person seeking reorganization, arrangement, composition, readjustment, liquidation,
dissolution, or similar relief is not dismissed within 120 days after the commencement of the proceeding; or
- (2) an appointment, without the person's consent, of a trustee, receiver, or liquidator of the person or of all or a
substantial part of the person's property is not vacated or stayed within 120 days after the appointment or after the
expiration of the stay.
- (c) The members of a limited liability company may provide in writing in an operating agreement that other events
terminate a membership.
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