Section 489.1032 - Plan of interest exchange1. A domestic limited liability company may be the acquired entity in an interest exchange under this part by approving a plan of interest exchange. The plan must be in a record and contain all of the following:a. The name of the acquired entity.b. The name, jurisdiction of formation, and type of entity of the acquiring entity.c. The manner of converting the interests in the acquired entity into interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing.d. Any proposed amendments to all of the following: (1) The certificate of organization of the acquired entity.(2) The operating agreement of the acquired entity that are, or are proposed to be, in a record.e. The other terms and conditions of the interest exchange.f. Any other provision required by the law of this state or the operating agreement of the acquired entity.2. In addition to the requirements of subsection 1, a plan of interest exchange may contain any other provision not prohibited by law.Added by 2023 Iowa, ch 152, s 94, eff. 1/1/2024.Referred to in §489.105, 489.1001
Section effective January 1, 2024; 2023 Acts, ch 152, §161
NEW section