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Ark. Code Ann. § 4-37-701

Governing law

Known as the Uniform Protected Series Act

The act spans §§ 4–4 (43 sections).

Acts 2019, No. 665, § 1.

The law of the jurisdiction of formation of a foreign series limited liability company governs:

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

(2) relations between the foreign 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:

(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 foreign 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) relations between the foreign protected series and: the company;

(11) another foreign protected series of the company;

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

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

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

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

(16) except as otherwise provided in § 4-37-402 and § 4-37-404, the liability of a person for a debt, obligation, or other liability of a foreign protected series of a foreign 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 foreign protected series;

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

(18) a protected-series manager of another foreign protected series of the company;

(19) a protected-series transferee of another foreign protected series of the company;

(20) a manager of the company; or

(21) a transferee of a transferable interest of the company; and

(22) except as otherwise provided in § 4-37-402 and § 4-37-404: the liability of the foreign series limited liability company for a debt, obligation, or other liability of a foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series being a foreign protected series of the company or the company: being or acting as a foreign protected-series manager of the foreign protected series;

(23) having the foreign protected series manage the company; or

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

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

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

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.