48-2c-613 - Termination of series.
48-2c-613. Termination of series.
(1) Subject to Section 48-2c-1201, except to the extent otherwise provided in theoperating agreement, a series may be terminated and its affairs wound up without causing thedissolution of the limited liability company.
(2) The termination of a series does not affect the limitation on liabilities of the seriesprovided by Section 48-2c-606.
(3) A series is terminated and its affairs shall be wound up upon the dissolution of thelimited liability company under Section 48-2c-1201 or otherwise upon the first to occur of thefollowing:
(a) the time specified in the operating agreement;
(b) the happening of events specified in the operating agreement;
(c) unless otherwise provided in the operating agreement, the affirmative vote or writtenconsent of:
(i) (A) the members of the limited liability company associated with the series; or
(B) if there is more than one class or group of members associated with the series, byeach class or group of members associated with the series; and
(ii) (A) members associated with the series who own more than 2/3 of the then-currentpercentage or other interest in the profits of the series owned by all of the members associatedwith the series; or
(B) the members in each class or group of the series, as appropriate; or
(d) the termination of the series under Section 48-2c-614.
Enacted by Chapter 92, 2006 General Session