Section 10A-5A-11.01 - Series of assets(a) If a limited liability company complies with Section 10A-5A-11.02, a limited liability company agreement may establish or provide for the establishment of one or more designated series of assets that: (1) has separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations; or(2) has a separate purpose or investment objective.(b) A series established in accordance with subsection (a) may carry on any activity, whether or not for profit.(c) After a person is admitted as a member of a limited liability company in accordance with Section 10A-5A-4.01, a member is associated with a series of the limited liability company: (1) as provided in the limited liability agreement;(2) as the result of a transaction effective under Article 10; or(3) with the consent of all members associated with that series.Ala. Code § 10A-5A-11.01 (1975)
Added by Act 2014-144,§ 1, eff. 1/1/2015.