Section 489.14303 - Protected-series transferable interest1. A protected-series transferable interest of a protected series of a series limited liability company must be owned initially by an associated member of the protected series or the company.2. If a protected series of a series limited liability company has no associated members when established, the company owns the protected-series transferable interests in the protected series.3. In addition to acquiring a protected-series transferable series interest under subsection 2, a series limited liability company may acquire a protected-series transferable interest through a transfer from another person or as provided in the operating agreement.4. Except for section 489.14108, subsection 1, paragraph "c", a provision of this subchapter which applies to a protected-series transferee of a protected series of a series limited liability company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series. A provision of the operating agreement of a series limited liability company which applies to a protected-series transferee of a protected series of the company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series.2019 Acts, ch 26, §17, 41; 2023 Acts, ch 152, §135, 161
Amended by 2023 Iowa, ch 152, s 135, eff. 1/1/2024.Added by 2019 Iowa, ch 26, s 17, eff. 7/1/2020.Referred to in §489.14107
2023 amendment to subsection 4 effective January 1, 2024; 2023 Acts, ch 152, §161
Subsection 4 amended