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Current as of January 01, 2025 | Updated by Findlaw Staff
A. If after dissolution the members of a series limited liability company waive the right to have the series limited liability company's affairs wound up and its existence canceled:
1. Each protected series of the series limited liability company ceases winding up; and
2. The provisions of § 13.1-1047.1 stating the results of the waiver apply to each protected series of the series limited liability company in accord with § 13.1-1094.
B. A protected series that has ceased to exist may have its existence reinstated in accordance with § 13.1-1050.4 as if it were a limited liability company, provided that the series limited liability company that established the protected series is in existence.
Cite this article: FindLaw.com - Virginia Code Title 13.1. Corporations § 13.1-1099.13. Waiver of cancellation upon dissolution; reinstatement of series limited liability company - last updated January 01, 2025 | https://codes.findlaw.com/va/title-13-1-corporations/va-code-sect-13-1-1099-13/
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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