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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 Unless otherwise provided in the articles of organization or an
operating agreement, 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.