N.D. Cent. Code § 10-32.1-71

This is the official text of N.D. Cent. Code § 10-32.1-71, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.

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10-32.1-71. Restrictions on approval of mergers, exchanges, conversions, and domestications

Official statutory text

10-32.1-71. Restrictions on approval of mergers, exchanges, conversions, and

domestications.

1. If a member of a constituent, converting, or domesticating limited liability company will

have personal liability with respect to a surviving, constituent, converted, or

domesticated organization, then approval or amendment of a plan of merger,

exchange, conversion, or domestication is ineffective without the consent of the

member, unless:

a. The operating agreement of the company provides for approval of a merger,

exchange, conversion, or domestication with the consent of fewer than all the

members; and

b. The member has consented to the provision of the operating agreement.

2. A member does not give the consent required by subsection 1 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.

Status: in_force · Read it on the official government site

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