2021 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 489 - REVISED UNIFORM LIMITED LIABILITY COMPANY ACT
Section 489.14104 - Powers and duration of protected series.
489.14104 Powers and duration of protected series.
1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company.
3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.
4. A protected series of a series limited liability company shall not do any of the following:
a. Be a member of the company.
b. Establish a protected series.
c. Except as permitted by law of this state other than this article, have a purpose or power that the law of this state other than this article prohibits a limited liability company from doing or having.
2019 Acts, ch 26, §4, 41
Referred to in §489.14103, 489.14107
Section takes effect July 1, 2020; 2019 Acts, ch 26, §41
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