When an exchange becomes effective, the membership interests in a limited liability company to be exchanged under the terms of the plan are considered to be exchanged. The members owning those membership interests are entitled only to the ownership interests, securities, money, or other property into which those membership interests have been converted or for which those membership interests have been exchanged according to the plan.
Minn. Stat. § 322C.1006
EFFECT OF EXCHANGE.
Known as the Minnesota Revised Uniform Limited Liability Company Act
The act spans §§ 322C.0101 to 322C.1205 (92 sections).
2014 c 157 art 1 s 75
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.