Kentucky Statutes 275.245 – Transfer of property held in name of company
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as provided in subsection (2) of this section, property of the limited liability company held in the name of the limited liability company may be transferred by an instrument of transfer executed by any member so authorized in the name of the limited liability company.
(2) If the articles of organization provide that management of the limited liability company is vested in a manager or managers:
(a) Title to property of the limited liability company that is held in the name of the limited liability company may be transferred by an instrument of transfer executed by any manager so authorized in the name of the limited liability company; and
(b) A member, solely by reason of being a member, shall not have authority to transfer property of the limited liability company.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 341, sec. 34, effective July 15, 1998. — Created
1994 Ky. Acts ch. 389, sec. 49, effective July 15, 1994.
(2) If the articles of organization provide that management of the limited liability company is vested in a manager or managers:
Terms Used In Kentucky Statutes 275.245
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- managers: means , with respect to a limited liability company that has set forth in its articles of organization that it is to be managed by managers, the person or persons designated in accordance with KRS §. See Kentucky Statutes 275.015
(a) Title to property of the limited liability company that is held in the name of the limited liability company may be transferred by an instrument of transfer executed by any manager so authorized in the name of the limited liability company; and
(b) A member, solely by reason of being a member, shall not have authority to transfer property of the limited liability company.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 341, sec. 34, effective July 15, 1998. — Created
1994 Ky. Acts ch. 389, sec. 49, effective July 15, 1994.