Section 4-37-104 - Powers and duration of protected series

(a) A protected series of a series limited liability company has the capacity to sue and be sued in its own name.(b) Except as otherwise provided in subsections (c) and (d), a protected series of a series limited liability company has the same powers and purposes as the company.(c) A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.(d) A protected series of a series limited liability company may not: (1) be a member of the company;(2) establish a protected series; or(3) except as permitted by law of this state other than this chapter, have a purpose or power that the law of this state other than this chapter prohibits a limited liability company from doing or having.Added by Act 2019, No. 665,§ 1, eff. 7/24/2019.