2021 Indiana Code
Title 23. Business and Other Associations
Article 18.1. Series Limited Liability Companies
Chapter 4. Formation
23-18.1-4-3. Establishment of Classes or Groups of Members or Managers

Universal Citation:
IN Code § 23-18.1-4-3 (2021)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

Sec. 3. An operating agreement may also:

(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;

(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

(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.

Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.