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Ark. Code Ann. § 4-37-105

Governing law

Known as the Uniform Protected Series Act

The act spans §§ 4–4 (43 sections).

Acts 2019, No. 665, § 1.

The law of this state governs:

(1) the internal affairs of a protected series of a series limited liability company, including: relations among any associated members of the protected series;

(2) relations among the protected series and: any associated member;

(3) the protected-series manager; or

(4) any protected-series transferee;

(5) relations between any associated member and: the protected-series manager: or

(6) any protected-series transferee;

(7) the rights and duties of a protected-series manager;

(8) governance decisions affecting the activities and affairs of the protected series and the conduct of those activities and affairs; and

(9) procedures and conditions for becoming an associated member or protected-series transferee;

(10) the relations between a protected series of a series limited liability company and each of the following: the company;

(11) another protected series of the company;

(12) a member of the company which is not an associated member of the protected series;

(13) a protected-series manager that is not a protected-series manager of the protected series; and

(14) a protected-series transferee that is not a protected-series transferee of the protected series;

(15) the liability of a person for a debt, obligation, or other liability of a protected series of a series limited liability company if the debt, obligation, or liability is asserted solely by reason of the person being or acting as: an associated member, protected-series transferee, or protected-series manager of the protected series;

(16) a member of the company which is not an associated member of the protected series;

(17) a protected-series manager that is not a protected-series manager of the protected series;

(18) a protected-series transferee that is not a protected-series transferee of the protected series;

(19) a manager of the company; or

(20) a transferee of a transferable interest of the company;

(21) the liability of a series limited liability company for a debt, obligation, or other liability of a protected series of the company if the debt, obligation, or liability is asserted solely by reason of the company: having delivered to the Secretary of State for filing under § 4-37-201(b) a protected series designation pertaining to the protected series or under § 4-37-201(d) or § 4-37-202(c) a statement of designation change pertaining to the protected series;

(22) being or acting as a protected-series manager of the protected series;

(23) having the protected series be or act as a manager of the company; or

(24) owning a protected-series transferable interest of the protected series; and

(25) the liability of a protected series of a series limited liability company for a debt, obligation, or other liability of the company or of another protected series of the company if the debt, obligation, or liability is asserted solely by reason of: the protected series: being a protected series of the company or having as a protected-series manager the company or another protected series of the company; or

(26) being or acting as a protected-series manager of another protected series of the company or a manager of the company; or

(27) the company owning a protected-series transferable interest of the protected series.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.