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Ark. Code Ann. § 4-37-501

Events causing dissolution of protected series

Known as the Uniform Protected Series Act

The act spans §§ 4–4 (43 sections).

Acts 2019, No. 665, § 1.

A protected series of a series limited liability company is dissolved, and its activities and affairs must be wound up, only on the:

(1) dissolution of the company;

(2) occurrence of an event or circumstance the operating agreement states causes dissolution of the protected series;

(3) affirmative vote or consent of all members; or

(4) entry by the court of an order dissolving the protected series on application by an associated member or protected-series manager of the protected series: in accordance with § 4-37-108; and

(5) to the same extent, in the same manner, and on the same grounds the court would enter an order dissolving a limited liability company on application by a member or manager of the company; or

(6) entry by the court of an order dissolving the protected series on application by the company or a member of the company on the ground that the conduct of all or substantially all the activities and affairs of the protected series is illegal.

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.