§ 31 §1431 — Definitions

As used in this subchapter, the following terms have the following meanings.
1.
Constituent limited partnership.
"Constituent limited partnership" means a constituent organization that is a limited partnership.
2.
Constituent organization.
"Constituent organization" means an organization that is party to a merger.
3.
Converted organization.
"Converted organization" means the organization into which a converting organization converts pursuant to sections 1432 to 1435.
4.
Converting limited partnership.
"Converting limited partnership" means a converting organization that is a limited partnership.
5.
Converting organization.
"Converting organization" means an organization that converts into another organization pursuant to section 1432.
6.
General partner.
"General partner" means a general partner of a limited partnership.
7.
Governing statute.
"Governing statute" of an organization means the statute that governs the organization's internal affairs.
8.
Organization.
"Organization" means a general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; business trust; corporation; or any other person having a governing statute. "Organization" includes domestic and foreign organizations whether or not organized for profit.
9.
Organizational documents.
"Organizational documents" means:
10.
Personal liability.
"Personal liability" means personal liability for a debt, liability or other obligation of an organization that is imposed on a person that co-owns, has an interest in or is a member of the organization:
11.
Surviving organization.
"Surviving organization" means an organization into which one or more other organizations are merged. A surviving organization may preexist the merger or be created by the merger.

Legislative History

PL 2005, c. 543, §C2 (NEW). PL 2011, c. 113, Pt. B, §2 (AMD).