805 ILCS 180/37-36

Current through Public Act 103-593
Section 805 ILCS 180/37-36 - Restrictions on approval of mergers
(a) If a member of a merging limited liability company will have personal liability with respect to a surviving organization, approval or amendment of a plan of merger is ineffective without the consent of the member, unless:
(1) the company's operating agreement provides for approval of a merger with the consent of fewer than all the members; and
(2) the member has consented to the provision of the operating agreement.
(b) A member does not give the consent required by subsection (a) merely by consenting to a provision of the operating agreement that permits the operating agreement to be amended with the consent of fewer than all the members.

805 ILCS 180/37-36

Amended by P.A. 100-0561,§ 905, eff. 7/1/2018.
Added by P.A. 099-0637,§ 5, eff. 7/1/2017.