31 §741-A. Merger or consolidation (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 12: MERGER AND CONSOLIDATION
§741-A. Merger or consolidation
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Definitions. For purposes of this section, "other business entity" means any association or legal entity other than a limited liability company, organized to conduct business, including a domestic or foreign corporation, limited partnership, general partnership, limited liability partnership, joint venture, joint stock company and business trust authorized by applicable statutes to merge or consolidate with a limited liability company.
[ 1999, c. 638, §29 (NEW) .]
2. Merger or consolidation. Pursuant to a plan of merger or consolidation that complies with and is approved in accordance with this section, any one or more limited liability companies may merge or consolidate with or into one or more limited liability companies or other business entities, with the limited liability company or other business entity as the agreement provides being the surviving or resulting limited liability company or other business entity.
[ 1999, c. 638, §29 (NEW) .]
3. Exchange or conversion of rights, securities or interests. Rights or securities of or interests in a limited liability company or other business entity that is a party to the merger or consolidation may be exchanged for or converted into cash, property, obligations, rights or securities of or interests in the surviving or resulting limited liability company or other business entity.
[ 1999, c. 638, §29 (NEW) .]
SECTION HISTORY
1999, c. 638, §29 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).