Section 10A-5A-1.05 - Governing law(a) The law of this state governs: (1) the organization and internal affairs of a limited liability company, or series thereof;(2) the liability of a member as a member for the debts, obligations, or other liabilities of a limited liability company, or series thereof;(3) the authority of the members and agents of a limited liability company, or series thereof; and(4) the availability and liability of the assets of a series or the limited liability company for the obligations of another series or the limited liability company.(b) The law of the state or other jurisdiction under which a foreign limited liability company is formed governs: (1) the organization and internal affairs of a foreign limited liability company, or series thereof;(2) the liability of a member as a member for the debts, obligations, or other liabilities of a foreign limited liability company, or series thereof;(3) the authority of the members and agents of a foreign limited liability company, or series thereof; and(4) the availability and liability of the assets of a series or the foreign limited liability company for the obligations of another series or the foreign limited liability company.Ala. Code § 10A-5A-1.05 (1975)
Amended by Act 2015-165,§ 1, eff. 5/14/2015.Added by Act 2014-144,§ 1, eff. 1/1/2015.