Montana Code 35-12-1503. Action on plan of conversion by converting limited partnership
Current as of: 2023 | Check for updates
|
Other versions
35-12-1503. Action on plan of conversion by converting limited partnership. (1) Subject to 35-12-1515, a plan of conversion must be consented to by all the partners of a converting limited partnership.
Terms Used In Montana Code 35-12-1503
- Converting limited partnership: means a converting organization that is a limited partnership. See Montana Code 35-12-1501
- 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.
(2)Subject to 35-12-1515 and any contractual rights, after a conversion is approved, and at any time before a filing is made under 35-12-1504, a converting limited partnership may amend the plan or abandon the planned conversion:
(a)as provided in the plan; and
(b)except as prohibited by the plan, by the same consent as was required to approve the plan.