35-8-801. Admission of members. (1) Subject to subsection (2), a person may become a member in a limited liability company:
     (a) in the case of a person acquiring a limited liability company interest directly from the limited liability company, upon compliance with the articles of organization or the operating agreement or, if the articles of organization or the operating agreement does not so provide in writing, upon the written consent of all members; and
     (b) in the case of an assignee of a limited liability company interest, as provided in 35-8-704.
     (2) The effective time of admission of a member to a limited liability company is the later of:
     (a) the date the limited liability company is formed; or
     (b) the time provided in the articles of organization or the operating agreement or, if no time is provided, when the person's admission is reflected in the records of the limited liability company.

     History: En. Sec. 44, Ch. 120, L. 1993.