Connecticut General Statutes 34-263b – Effect of dissociation
(a) If a person is dissociated as a member: (1) The person’s right to participate as a member in the management and conduct of the company’s activities and affairs terminates; (2) if the company is member-managed, the person’s duties and obligations under § 34-255h as a member end with regard to matters arising and events occurring after the person’s dissociation; and (3) subject to § 34-259c and sections 34-279 to 34-279g, inclusive, or the Connecticut Entity Transactions Act, any transferable interest owned by the person in the person’s capacity as a member immediately before dissociation as a member is owned by the person solely as a transferee.
Terms Used In Connecticut General Statutes 34-263b
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation or other liability to the company or the other members which the person incurred while a member.