Indiana Code 23-18.1-4-3. Establishment of classes or groups of members or managers
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Sec. 3. An operating agreement may also:
(2) make provisions for the future creation of additional classes or groups of members or managers associated with the series having relative rights, powers, and duties as may from time to time be established, including rights, powers, and duties senior to existing classes and groups of members or managers associated with the series; and
(1) provide for classes or groups of members or managers associated with a series having relative rights, powers, and duties as the operating agreement may provide;
Terms Used In Indiana Code 23-18.1-4-3
- 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.
(3) provide for the taking of an action, without the vote or approval of any member or manager or class or group of members or managers, including:
(A) the amendment of the operating agreement; or
(B) an action to create, under the provisions of the operating agreement, a class or group of the series of limited liability company interests that was not previously outstanding.
As added by P.L.170-2016, SEC.19.