(1) A plan of conversion shall be approved by each business entity that is a party to the conversion, as follows:
(a) In the case of a partnership, by all of the partners, unless a lesser vote is provided in the partnership agreement; and
(b) In the case of a business entity other than a partnership, as provided by the statutes governing that business entity.
(2) After a conversion is approved, and at any time before articles of conversion are filed, the planned conversion may be abandoned, subject to any contractual rights:
(a) By a partnership that planned to convert to another business entity, in accordance with the procedure set forth in the plan of conversion or, if none is set forth, by a vote of the partners; and
(b) By a business entity other than a partnership that planned to convert to a partnership, in accordance with the procedure set forth in the plan of conversion or, if none is set forth, in the manner permitted by the statutes governing that business entity. [1999 c.362 §43]
Section: Previous 67.295 67.300 67.305 67.310 67.315 67.340 67.342 67.344 67.345 67.346 67.348 67.350 67.355 67.360 67.362 NextLast modified: August 7, 2008