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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 3. An operating agreement may also:
(1) provide for classes or groups of members or managers associated with a series having relative rights, powers, and duties as the operating agreement may provide;
(2) make provisions for the future creation of additional classes or groups of members or managers associated with the series having relative rights, powers, and duties as may from time to time be established, including rights, powers, and duties senior to existing classes and groups of members or managers associated with the series; and
(3) provide for the taking of an action, without the vote or approval of any member or manager or class or group of members or managers, including:
(A) the amendment of the operating agreement; or
(B) an action to create, under the provisions of the operating agreement, a class or group of the series of limited liability company interests that was not previously outstanding.
Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-18.1-4-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-18-1-4-3/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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