Article 19 - Members
(1) The incorporators of an
LLC are deemed to have agreed to become Members of the LLC by signing the incorporation document and on incorporation shall be entered as such in the LLC's register of Members (persons other than incorporators who have died or been dissolved).
(2) Every other person who agrees to become a
Member of the LLC and whose Name is entered in the register of Members, is a Member of the LLC.
(3) A person may cease to be a
Member of an LLC (as well as by death or dissolution) in accordance with the articles of association of the LLC.
Member of an LLC can be of any nationality and either a natural or a Body Corporate.
(5) The minimum number of
Members of an LLC is one.
LLC shall keep a register of Members, together with:
(A) a statement of the
Shares held by each Member, distinguishing each Share by its number (if the Share has a number) and, where the LLC has more than one class of issued Shares, by its class;
(B) the date on which each person was registered as a
(C) the date on which any person ceased to be a
(7) Article 19 (1) does not apply to an
LLC if, on incorporation, the LLC will be a Collective Investment Fund.
|Amended (as from 5th April 2015).|