Section 489.1053 - Approval of domestication1. A plan of domestication of a domestic domesticating limited liability company is not effective unless it has been approved according to any of the following: a. By all the members entitled to vote on or consent to any matter.b. In a record, by each member that will have interest holder liability for debts, obligations, and other liabilities that are incurred after the domestication becomes effective, unless all of the following apply: (1) The operating agreement of the domesticating limited liability company in a record provides for the approval of a domestication or merger in which some or all of its members become subject to interest holder liability by the affirmative vote or consent of fewer than all the members.(2) The member voted for or consented in a record to that provision of the operating agreement or became a member after the adoption of that provision.2. A domestication of a foreign domesticating limited liability company is not effective unless it is approved in accordance with the law of the foreign limited liability company's jurisdiction of formation.Added by 2023 Iowa, ch 152, s 107, eff. 1/1/2024.Referred to in §489.105, 489.1001
Section effective January 1, 2024; 2023 Acts, ch 152, §161
NEW section