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Current as of January 01, 2025 | Updated by Findlaw Staff
§ 37-36. Restrictions on approval of mergers.
(a) If a member of a merging limited liability company will have personal liability with respect to a surviving organization, approval or amendment of a plan of merger is ineffective without the consent of the member, unless:
(1) the company's operating agreement provides for approval of a merger with the consent of fewer than all the members; and
(2) the member has consented to the provision of the operating agreement.
(b) A member does not give the consent required by subsection (a) 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.
Cite this article: FindLaw.com - Illinois Statutes Chapter 805. Business Organizations § 180/37-36. Restrictions on approval of mergers - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-805-business-organizations/il-st-sect-805-180-37-36/
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