Nevada § 86.326 - Admission of members; member has no preemptive right to acquire certain interests; exception

§ 86.326. Admission of members; member has no preemptive right to acquire certain interests; exception

1. A person is admitted as an initial member of a limited-liability company: (a) If the company is a limited-liability company managed by its members, upon the

filing of the articles of organization with the Secretary of State or upon a later

date specified in the articles of organization; or (b) If the company is a limited-liability company managed by a manager or managers,

as of the time set forth in and upon compliance with the operating agreement or, if

the operating agreement does not so provide or if the company has no operating agreement,

as of the time of such person's admission as reflected in the records of the company. 2. Unless otherwise provided in the articles of organization, after the admission

of the initial member or members of a limited-liability company in accordance with

subsection 1, a person is admitted as a member: (a) In the case of a person who is not a transferee of a member's interest, including

a person being admitted as a noneconomic member and a person acquiring a member's

interest directly from the company, as of the time set forth in and upon compliance

with the operating agreement or, if the operating agreement does not so provide or

if the company has no operating agreement, upon the consent of all the members and

as of the time of such person's admission as reflected in the records of the company; (b) In the case of a transferee of a member's interest who is a substituted member

pursuant to NRS 86.351 , as provided in NRS 86.351 or 86.491 and as of the time set forth in and upon compliance with the operating agreement

or, if the operating agreement does not so provide or if the company has no operating

agreement, as of the time of such person's admission as reflected in the records of

the company; (c) In the case of a person being admitted as a member of a surviving or resulting

limited-liability company pursuant to a merger, conversion or exchange approved in

accordance with NRS 92A.150 , as of the time set forth in and upon compliance with the operating agreement of

the surviving or resulting limited-liability company or in the plan of merger, conversion

or exchange, and in the event of any inconsistency, the terms of the plan of merger,

conversion or exchange control; and (d) In the case of a person being admitted as a member of a limited-liability company

pursuant to a merger, conversion or exchange in which such limited-liability company

is not the surviving or resulting entity, as of the time set forth in and upon compliance

with the operating agreement of such limited-liability company. 3. In connection with the domestication of an undomesticated organization as a limited-liability

company in this State in accordance with NRS 92A.270 , a person is admitted as a member of the company as of the time set forth in and

upon compliance with the articles of domestication or in the operating agreement of

the resulting domestic limited-liability company or, if the articles of domestication

and the operating agreement do not so provide or if the articles of domestication

do not so provide and the company has no operating agreement, as of the time of such

person's admission as reflected in the records of the resulting domestic limited-liability

company. 4. Unless otherwise provided in the articles of organization, the operating agreement

or another agreement approved or adopted by all of the members, no member has a preemptive

right to acquire any unissued member's interests or other interests in a limited-liability

company. 5. Unless otherwise provided in the articles of organization or operating agreement: (a) A person may be admitted as a member of a limited-liability company and may receive

a member's interest in the company without making or being obligated to make a contribution

to the capital of the company. (b) A person may be admitted as a member or the sole member of a limited-liability

company: (1) Without acquiring a member's interest in the company; or (2) Without making or being obligated to make a contribution to the capital of the

company.