N.D. Cent. Code § 10-32.1-71

Current through 2023 Legislative Sessions
Section 10-32.1-71 - Restrictions on approval of mergers, exchanges, conversions, and domestications
1. If a member of a constituent, converting, or domesticating limited liability company will have personal liability with respect to a surviving, constituent, converted, or domesticated organization, then approval or amendment of a plan of merger, exchange, conversion, or domestication is ineffective without the consent of the member, unless:
a. The operating agreement of the company provides for approval of a merger, exchange, conversion, or domestication with the consent of fewer than all the members; and
b. The member has consented to the provision of the operating agreement.
2. A member does not give the consent required by subsection 1 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.

N.D.C.C. § 10-32.1-71

Added by S.L. 2015, ch. 87 (HB 1136),§ 19, eff. 7/1/2015.