Illinois Compiled Statutes 805 ILCS 180/37-36 – Restrictions on approval of mergers
Current as of: 2024 | Check for updates
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(a) If a member of a merging limited liability company will have personal liability with respect to a surviving organization, approval or amendment of a plan of merger is ineffective without the consent of the member, unless:
(1) the company’s operating agreement provides for
(1) the company’s operating agreement provides for
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approval of a merger with the consent of fewer than all the members; and
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(2) the member has consented to the provision of the
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operating agreement.
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(b) A member does not give the consent required by subsection (a) merely by consenting to a provision of the operating agreement that permits the operating agreement to be amended with the consent of fewer than all the members.
Terms Used In Illinois Compiled Statutes 805 ILCS 180/37-36
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.