4-37-104. Powers and duration of protected series.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-37-104. Powers and duration of protected series.

4-37-104. Powers and duration of protected series. (a) A protected series of a series limited liability company has the capacity to sue and be sued in its own name. (b) Except as otherwise provided in subsections (c) and (d), a protected series of a series limited liability company has the same powers and purposes as the company. (c) A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up. (d) A protected series of a series limited liability company may not: (1) be a member of the company; (2) establish a protected series; or (3) except as permitted by law of this state other than this chapter, have a purpose or power that the law of this state other than this chapter prohibits a limited liability company from doing or having.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-37-104

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.