§ 33-44-411 — Continuation of term company after expiration of specified term.

(a) If a term company is continued after the expiration of the specified term, the rights and duties of the members and managers remain the same as they were at the expiration of the term except to the extent inconsistent with rights and duties of members and managers of an at-will company. (b) If the members in a member-managed company or the managers in a manager-managed company continue the business without any winding up of the business of the company, it continues as an at-will company.

Legislative History

HISTORY: 1996 Act No. 343, SECTION 2. ARTICLE 5 Transferees and Creditors of Member Editor's Note 1996 Act No. 343, SECTION 5, provides: "The catch lines before each section of Chapter 44 of Title 33 as contained in Section 2 and the comments appearing after such sections are provided for informational purposes only and are not considered part of the code sections themselves."