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Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.1053. Approval of domestication

Current as of January 01, 2024 | Updated by Findlaw Staff

<[Text subject to final changes by the Iowa Code Editor for Code 2024.]>

1. A plan of domestication of a domestic domesticating limited liability company is not effective unless it has been approved according to any of the following:

a. By all the members entitled to vote on or consent to any matter.

b. In a record, by each member that will have interest holder liability for debts, obligations, and other liabilities that are incurred after the domestication becomes effective, unless all of the following apply:

(1) The operating agreement of the domesticating limited liability company in a record provides for the approval of a domestication or merger in which some or all of its members become subject to interest holder liability by the affirmative vote or consent of fewer than all the members.

(2) The member voted for or consented in a record to that provision of the operating agreement or became a member after the adoption of that provision.

2. A domestication of a foreign domesticating limited liability company is not effective unless it is approved in accordance with the law of the foreign limited liability company's jurisdiction of formation.

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Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.1053. Approval of domestication - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-489-1053/

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