Arkansas § 4-38-1053 Approval of domestication

Arkansas Statutes

§ 4-38-1053 — Approval of domestication

(a)A plan of domestication of a domestic domesticating limited liability company is not effective unless it has been approved:

(1)by all the members entitled to vote on or consent to any matter; and (2) in a record, by each member that will have interest holder liability for debts, obligations, and other liabilities that are incurred after the domestication becomes effective, unless:

(A)the operating agreement of the domesticating company in a record provides for the approval of a domestication or merger in which some or all of its members become subject to interest holder liability by the affirmative vote or consent of fewer than all the members; and (B) the member voted for or consented in a record to that provision of the operating agreement or became a member after the adoption of t

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(a) A plan of domestication of a domestic domesticating limited liability company is not effective unless it has been approved: (1) by all the members entitled to vote on or consent to any matter; and (2) in a record, by each member that will have interest holder liability for debts, obligations, and other liabilities that are incurred after the domestication becomes effective, unless: (A) the operating agreement of the domesticating company in a record provides for the approval of a domestication or merger in which some or all of its members become subject to interest holder liability by the affirmative vote or consent of fewer than all the members; and (B) the member voted for or consented in a record to that provision of the operating agreement or became a member after the adoption of that provision. (b) A domestication of a foreign domesticating limited liability company is not effective unless it is approved in accordance with the law of the foreign limited liability company's jurisdiction of formation.

Arkansas § 4-38-1053 (Approval of domestication) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.