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§ 10-7A-07. Abandonment of conversion

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2013

West's Annotated Code of Maryland
Corporations and Associations
Title 10. Limited Partnership Act (Refs & Annos)
Subtitle 7a. Conversions of Limited Partnerships (Refs & Annos)
Effective: October 1, 2013
MD Code, Corporations and Associations, § 10-7A-07
§ 10-7A-07. Abandonment of conversion
Conversion to an other entity
(a) Unless the partnership agreement or the articles of conversion provide otherwise, a proposed conversion of a limited partnership to an other entity may be abandoned before the effective time of the articles of conversion by a vote of the majority of the general partners and a majority in interest of the limited partners of the limited partnership.
Conversion to a limited partnership
(b) Unless the articles of conversion provide otherwise, a proposed conversion of an other entity to a limited partnership may be abandoned before the effective date of the articles of conversion in the manner and by the vote required by the governing document of the other entity and the laws of the place in which it is incorporated or organized or, if no manner and vote is specified, in the manner and by the vote required to approve the conversion under § 10-7A-02 of this subtitle.
Notice
(c) If the articles of conversion have been filed with the Department, notice of the abandonment shall be given promptly to the Department.
Liabilities and contracts
(d)(1) If the proposed conversion is abandoned as provided in this section, no legal liability arises under the articles of conversion.
(2) Abandonment of a conversion under this section does not prejudice the rights of any person under any other contract made by a party to the proposed conversion in connection with the proposed conversion.

Credits

Added by Acts 2013, c. 527, § 2, eff. Oct. 1, 2013; Acts 2013, c. 528, § 2, eff. Oct. 1, 2013.
MD Code, Corporations and Associations, § 10-7A-07, MD CORP & ASSNS § 10-7A-07
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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