§ 55-15 — Transitional provisions

(a) Before January 1, 2000, this amendatory Act of 1997 governs only a limited liability company: (1) organized on or after the effective date of this amendatory Act of 1997, unless the company is continuing the business of a dissolved limited liability company under this Act; and (2) organized before the effective date of this amendatory Act of 1997, that elects, as provided under subsection (c) of this Section, to be governed by this amendatory Act of 1997. (b) On and after January 1, 2000, this amendatory Act of 1997 governs all limited liability companies. (c) Before January 1, 2000, a limited liability company voluntarily may elect, in the manner provided in its operating agreement or by law for amending the operating agreement, to be governed by this amendatory Act of 1997.

Legislative History

(Source: P.A. 90-424, eff. 1-1-98.)