Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Section 10A-5A-10.02 - Action on plan of conversion by converting limited liability company

Section 10A-5A-10.02 - Action on plan of conversion by converting limited liability company.

(a) Subject to Section 10A-5A-10.09, a plan of conversion must be consented to by all the members of a converting limited liability company.

(b) Subject to Section 10A-5A-10.09 and any contractual rights, after a conversion is approved, and at any time before a filing is made under Section 10A-5A-10.03, a converting limited liability company may amend the plan or abandon the planned conversion:

(1) as provided in the plan; and

(2) except as prohibited by the plan, by the same consent as was required to approve the plan.

(Act 2014-144, p. 265, §1.)

Last modified: May 3, 2021