§ 489.14303

489.14303 Protected-series transferable interest. 1. A protected-series transferable interest of a protected series of a series limited liability company must be owned initially by an associated member of the protected series or the company. 2. If a protected series of a series limited liability company has no associated members when established, the company owns the protected-series transferable interests in the protected series. 3. In addition to acquiring a protected-series transferable series interest under subsection 2, a series limited liability company may acquire a protected-series transferable interest through a transfer from another person or as provided in the operating agreement. 4. Except for section 489.14108, subsection 1, paragraph 'c', a provision of this subchapter which applies to a protected-series transferee of a protected series of a series limited liability company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series. A provision of the operating agreement of a series limited liability company which applies to a protected-series transferee of a protected series of the company applies to the

f the protected series. A provision of the operating agreement of a series limited liability company which applies to a protected-series transferee of a protected series of the company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series. 2019 Acts, ch 26, §17, 41; 2023 Acts, ch 152, §135, 161 Referred to in §489.14107 2023 amendment to subsection 4 effective January 1, 2024; 2023 Acts, ch 152, §161 Subsection 4 amended