Rhode Island General Laws 7-12.1-1121. Merger authorized
(a) By complying with this part:
(1) One or more domestic partnerships may merge with one or more domestic or foreign entities into a domestic or foreign surviving entity; and
(2) Two (2) or more foreign entities may merge into a domestic partnership.
Terms Used In Rhode Island General Laws 7-12.1-1121
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Merger: means a transaction authorized by Rhode Island General Laws 7-12.1-1101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Surviving entity: means the entity that continues in existence after or is created by a merger. See Rhode Island General Laws 7-12.1-1101
(b) By complying with the provisions of this part applicable to foreign entities, a foreign entity may be a party to a merger under this part or may be the surviving entity in such a merger if the merger is authorized by the law of the foreign entity’s jurisdiction of formation.
History of Section.
P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective January 1, 2023.