16 Members’ interest and transferability
(1) The interest of all members in a limited liability company constitutes the personal estate of the member, and may be transferred or assigned as provided in the operating agreement.
(2) If all the members of a limited liability company other than the member proposing to dispose of his interest do not approve of the proposed transfer or assignment by unanimous written consent, the transferee of the member’s interest shall have no right-
(a) to become a member of the limited liability company; or
(b) to participate in the management of the business and affairs of the limited liability company.
(3) Such a transferee shall only be entitled to receive the share of profits or other compensation by way of income and the return of contributions, to which the original member would otherwise have been entitled.