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Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-1d-1034. Amendment or abandonment of plan of interest exchange

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A plan of interest exchange may be amended only with the consent of each party to the plan, except as otherwise provided in the plan.

(2) A domestic acquired partnership may approve an amendment of a plan of interest exchange:

(a) in the same manner as the plan was approved, if the plan does not provide for the manner in which it may be amended; or

(b) by the partners of the acquired partnership in the manner provided in the plan, but a partner that was entitled to vote on or consent to approval of the interest exchange is entitled to vote on or consent to any amendment of the plan that will change:

(i) the amount or kind of interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing, to be received by any of the partners of the acquired partnership under the plan;

(ii) the partnership agreement of the acquired partnership that will be in effect immediately after the interest exchange becomes effective, except for changes that do not require approval of the partners of the acquired partnership under this chapter or the partnership agreement; or

(iii) any other terms or conditions of the plan, if the change would adversely affect the partner in any material respect.

(3) After a plan of interest exchange has been approved and before a statement of interest exchange becomes effective, the plan may be abandoned as provided in the plan. Unless prohibited by the plan, a domestic acquired partnership may abandon the plan in the same manner as the plan was approved.

(4) If a plan of interest exchange is abandoned after a statement of interest exchange has been delivered to the division for filing and before the statement becomes effective, a statement of abandonment, signed by the acquired partnership, must be delivered to the division for filing before the statement of interest exchange becomes effective. The statement of abandonment takes effect on filing, and the interest exchange is abandoned and does not become effective. The statement of abandonment must contain:

(a) the name of the acquired partnership;

(b) the date on which the statement of interest exchange was delivered to the division for filing; and

(c) a statement that the interest exchange has been abandoned in accordance with this section.

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Cite this article: FindLaw.com - Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-1d-1034. Amendment or abandonment of plan of interest exchange - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-48-partnership-unincorporated-business-entities/ut-code-sect-48-1d-1034/

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