Current through the 2024 Regular Session
Section 79-14-1110 - Restrictions on approval of mergers and on relinquishing LLLP status(a) If a partner of a constituent limited partnership will have personal liability with respect to a surviving organization, approval and amendment of a plan of merger are ineffective without the consent of the partner, unless: (1) The limited partnership's partnership agreement provides for the approval of the merger with the consent of fewer than all the partners; and(2) The partner has consented to the provision of the partnership agreement.(b) An amendment to a certificate of limited partnership which deletes a statement that the limited partnership is a limited liability limited partnership is ineffective without the consent of each general partner unless:(1) The limited partnership's partnership agreement provides for the amendment with the consent of less than all the general partners; and(2) Each general partner that does not consent to the amendment has consented to the provision of the partnership agreement.(c) A partner does not give the consent required by subsection (a) or (b) merely by consenting to a provision of the partnership agreement which permits the partnership agreement to be amended with the consent of fewer than all the partners.Added by Laws, 2015, ch. 453, SB 2310, 1, eff. 7/1/2015.