Section 489.14104 - Powers and duration of protected series1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company.3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.4. A protected series of a series limited liability company shall not do any of the following: a. Be a member of the company.b. Establish a protected series.c. Except as permitted by law of this state other than this subchapter, have a purpose or power that the law of this state other than this subchapter prohibits a limited liability company from doing or having.Amended by 2023 Iowa, ch 152, s 129, eff. 1/1/2024.Added by 2019 Iowa, ch 26, s 4, eff. 7/1/2020.Referred to in §489.14103, 489.14107
2023 amendment to subsection 4, paragraph c effective January 1, 2024; 2023 Acts, ch 152, §161
Subsection 4, paragraph c amended