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1. Only a member of a series limited liability company may be an associated member of a protected series of the company.
2. A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states all of the following:
a. That the member is an associated member of the protected series.
b. The date on which the member became an associated member.
c. Any protected-series transferable interest the associated member has in connection with becoming or being an associated member.
3. If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.
Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.12302. Associated member - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-489-12302.html
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