489.14303 Protected-series transferable interest.
1. 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 article 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
Referred to in §489.14107
Section takes effect July 1, 2020; 2019 Acts, ch 26, §41
NEW section