(a) A limited liability organization licensed under this title shall report to the board when a member of the limited liability organization transfers 10 percent or more of the ownership of the organization and shall report a change of managers.
(b) The report to the board shall be made in writing in duplicate and shall be sent within 10 days after the change in member interest or manager.(c) A limited liability organization that fails to report as required under (a) of this section commits the offense of failure to report a change in member interest or manager.(d) Failure to report a change in member interest or manager is a violation.
