Iowa Code § 489.14104
Powers and duration of protected series
Redline — January 1, 2024 → current.View current text →
Current — January 1, 2025
As of January 1, 2024
1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company.
2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company.
3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.
3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.
4. A protected series of a series limited liability company shall not do any of the following:
4. A protected series of a series limited liability company shall not do any of the following:
a. Be a member of the company.
a. Be a member of the company.
b. Establish a protected series.
b. Establish a protected series.
c. Except as permitted by law of this state other than this subchapter, have a purpose or power that the law of this state other than this subchapter prohibits a limited liability company from doing or having.
c. Except as permitted by law of this state other than this subchapter, have a purpose or power that the law of this state other than this subchapter prohibits a limited liability company from doing or having.
2023 amendment to subsection 4, paragraph c effective January 1, 2024; 2023 Acts, ch 152, §161
Subsection 4, paragraph c amended
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.