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2013 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 13.1-1039 of the Code of Virginia is amended and reenacted as follows:
§ 13.1-1039. Assignment of interest.
A. Unless otherwise provided in the articles of organization
or an operating agreement, a membership interest in a limited liability company
is assignable in whole or in part. An assignment of an interest in a limited
liability company does not of itself dissolve the limited liability company. An
Except as provided in subsection A of § 13.1-1040, an assignment does
not entitle the assignee to participate in the management and affairs of the
limited liability company or to become or to exercise any rights of a member. Such
Unless otherwise provided in the articles of organization or an operating
agreement, such an assignment entitles the assignee to receive, to the
extent assigned, only any share of profits and losses and distributions to
which the assignor would be entitled.
B. Unless otherwise provided in the articles of organization or an operating agreement, a membership interest in a limited liability company may be evidenced by a certificate of interest issued by the limited liability company. The articles of organization or an operating agreement may provide for the assignment or transfer of any interest represented by such a certificate and make other provisions with respect to such certificates.