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Arkansas Code Title 4. Business and Commercial Law § 4-37-803. Transitional provisions

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Before January 1, 2020, this chapter governs only:

(1) a series limited liability company formed, or a protected series established, on or after October 1, 2019; and

(2) a limited liability company that is a series limited liability company before October 1, 2019, and elects, in the manner provided in its operating agreement or by law for amending the operating agreement, to be subject to this chapter.

(b) If a series limited liability company elects under subdivision (a)(2) to be subject to this chapter:

(1) the election applies to each protected series of the company, whenever established; and

(2) a manager of the company has the right to sign and deliver to the Secretary of State for filing any record necessary to comply with this chapter, whether the record pertains to the company, a protected series of the company, or both.

(c) On and after January 1, 2020, this chapter governs all series limited liability companies and protected series.

(d) Until October 1, 2020, § 4-37-402 and § 4-37-404 do not apply to a foreign protected series that was established before October 1, 2019, or a foreign limited liability company that became a foreign series limited liability company before October 1, 2019.

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Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-37-803. Transitional provisions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-37-803/

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