Iowa Code § 489.14302
Associated member
Redline — January 1, 2021 → current.View current text →
Current — January 1, 2022
As of January 1, 2021
1. Only a member of a series limited liability company may be an associated member of a protected series of the company.
1. Only a member of a series limited liability company may be an associated member of a protected series of the company.
2. A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states all of the following:
2. A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states all of the following:
a. That the member is an associated member of the protected series.
a. That the member is an associated member of the protected series.
b. The date on which the member became an associated member.
b. The date on which the member became an associated member.
c. Any protected-series transferable interest the associated member has in connection with becoming or being an associated member.
c. Any protected-series transferable interest the associated member has in connection with becoming or being an associated member.
3. If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.
3. If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.
Section takes effect July 1, 2020; 2019 Acts, ch 26, §41
NEW section
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.