(1) (a) For purposes of this article, "existing corporate entity" means any corporate entity that was in existence on June 30, 1998, and that was incorporated under articles 20 to 29 of this title or elected to accept such articles as provided therein.
A corporate entity that was either incorporated under or elected to accept articles 20 to 29 of this title and that was suspended or, as a consequence of such suspension, dissolved by operation of law before July 1, 1998, and was eligible for reinstatement or restoration, renewal, and revival on June 30, 1998, shall be deemed to be in existence on that date for purposes of this subsection (1) and shall be deemed administratively dissolved on the date of such suspension for purposes of section 7-134-105.
A corporate entity that was either incorporated under or elected to accept articles 20 to 29 of this title and that was suspended or, as a consequence of such suspension, dissolved by operation of law before July 1, 1998, and was not eligible for reinstatement or restoration, renewal, and revival on June 30, 1998, shall be treated as a domestic entity as to which a constituent filed document has been filed by, or placed in the records of, the secretary of state and that has been dissolved for purposes of section 7-90-1001.
Subject to this section, articles 121 to 137 of this title apply to all existing corporateentities subject to articles 20 to 29 of this title.
Unless the articles of incorporation or bylaws of an existing corporate entity recognize the right of a member to transfer such member's membership interests in such corporate entity, such interests shall be presumed to be nontransferable. However, if the transferability of such interests is not prohibited by such articles of incorporation or bylaws, such transferability may be established by a preponderance of the evidence taking into account any representation made by the corporate entity, the practice of such corporate entity, other transactions involving such interests, and other facts bearing on the existence of the rights to transfer such interests.
Until the articles of incorporation of an existing corporate entity are amended orrestated on or after July 1, 1998, they need not be amended or restated to comply with articles 121 to 137 of this title.
Unless changed by an amendment to its articles of incorporation, members or classesof members of an existing corporate entity shall be deemed to be voting members for purposes of articles 121 to 137 of this title if such members or classes of members, on June 30, 1998, had the right by reason of a provision of the corporate entity's articles of incorporation or bylaws, or by a custom, practice, or tradition, to vote for the election of a director or directors.
The bylaws of an existing corporate entity may be amended as provided in its articlesof incorporation or bylaws. Unless otherwise so provided, the power to amend such bylaws shall be vested in the board of directors.
Source: L. 97: Entire article added, p. 749, § 3, effective July 1, 1998. L. 98: (6) added, p. 626, § 38, effective July 1. L. 2005: (1)(b) amended, p. 1219, § 31, effective October 1. L. 2006: (1)(b) amended and (1)(c) added, p. 883, § 85, effective July 1.