§ 34-279l — Interest exchange authorized.

(a) By complying with the provisions of this section and sections 34-279m to 34-279q, inclusive: (1) A limited liability company may acquire all of one or more classes or series of transferable interests of another limited liability company or a foreign limited liability company in exchange for interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing; or (2) all of one or more classes or series of transferable interests of a limited liability company may be acquired by another limited liability company or a foreign limited liability company in exchange for interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing. (b) By complying with the provisions with this section and sections 34-279m to 34-279q , inclusive, a foreign limited liability company may be the acquiring or acquired limited liability company in an interest exchange under this section and sections 34-279m to 34-279q , inclusive, if the interest exchange is authorized by the organic law of the foreign limited liability company. (c) If a protected agreement contains a provision that applies to a merger of a domestic limited liability company but does not refer to an interest exchange, the provision applies to an interest exchange in which the domestic limited liability company is the acquired entity as if the interest exchange were a merger until the provision is amended after July 1, 2017.

Legislative History

(P.A. 16-97, S. 92.) History: P.A. 16-97 effective July 1, 2017.