Section 13Part 3 — LLC Agreement
Cessation of membership and effect of bankruptcy or death of a member
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A person ceases to be a member of a limited liability company upon the happening of a ny event provided in the limited liability company’s LLC agreement in which the person is to cease to be a member.
If a member who is a natural person dies or a court of competent jurisdiction adjudges the member to be incompetent and appoints a person al representative to manage the member’s property, then the executor or the member’s estate or the member’s personal representative, as applicable, may exercise all of the member’s rights for the purpose of settling the member’s estate or administering the member’s property, including exercising any rights of transfer in respect of all or part of the member’s LLC interest.
If a member is an exempted company, limited liability company, exempted limited partnership, foreign entity or other entity and is b eing wound up or is dissolved or terminated and has not otherwise ceased to be a member pursuant to subsection (1), then, unless otherwise provided in the LLC agreement, the powers of that member (if any) may be exercised by such person as may be entitled to do so under applicable law.