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§ 500-1110A. Restrictions on approval of conversions and mergers and on relinquishing LLLP stat...

Oklahoma Statutes AnnotatedTitle 54. Partnership

Oklahoma Statutes Annotated
Title 54. Partnership
Chapter 9. Uniform Limited Partnership Act of 2010 (Refs & Annos)
Article 11. Conversion and Merger
54 Okl.St.Ann. § 500-1110A
§ 500-1110A. Restrictions on approval of conversions and mergers and on relinquishing LLLP status
Currentness
RESTRICTIONS ON APPROVAL OF CONVERSIONS AND MERGERS AND ON RELINQUISHING LLLP STATUS.
(a) If a partner of a converting or constituent limited partnership will have personal liability with respect to a converted or surviving organization, approval and amendment of a plan of conversion or merger are ineffective without the consent of the partner, unless:
(1) the limited partnership's partnership agreement provides for the approval of the conversion or 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) of this section 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.

Credits

Laws 2010, c. 384, § 97, eff. Jan. 1, 2011.
54 Okl. St. Ann. § 500-1110A, OK ST T. 54 § 500-1110A
Current with legislation of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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