§ 4-38-1032 — Plan of interest exchange

(a) A domestic limited liability company may be the acquired entity in an interest exchange under this part by approving a plan of interest exchange. The plan must be in a record and contain: (1) the name of the acquired entity; (2) the name, jurisdiction of formation, and type of entity of the acquiring entity; (3) the manner of converting the interests in the acquired entity into interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing; (4) any proposed amendments to: (A) the certificate of organization of the acquired entity; and (B) the operating agreement of the acquired entity that are, or are proposed to be, in a record; (5) the other terms and conditions of the interest exchange; and (6) any other provision required by the law of this state or the operating agreement of the acquired entity. (b) In addition to the requirements of subsection (a), a plan of interest exchange may contain any other provision not prohibited by law.

Legislative History

Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.