(a) A person‘s membership in a limited liability company may not be terminated by removal except as provided by (b) or (c) of this section.
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Terms Used In Alaska Statutes 10.50.205

  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) Except as provided in (c) of this section, a person’s membership in a limited liability company terminates if the person assigns all of the person’s interest in the company and if a majority of the members who have not assigned their interests in the company authorize the removal of the person as a member.
(c) If an operating agreement of the company provides for the removal of a member with or without cause, a person’s membership in a limited liability company terminates if the person is removed as a member in the manner and under the circumstances provided in the agreement.
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