275.247 Sale of assets other than in regular course of business.
(1)
(2)
Except as may be otherwise provided in a written operating agreement, a limited
liability company may sell, lease, exchange, or otherwise dispose of all or
substantially all of its property with or without the good will, otherwise than in the
usual and regular course of business, on the terms and conditions and for the
consideration determined by a majority-in-interest of the members.
Unless otherwise provided in the articles of organization or a written operating
agreement, no member shall have the right to dissent from a sale, lease, exchange,
or other disposition by a limited liability company of all or substantially all of its
property outside the ordinary course of business.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 4, effective July 15, 2010. - Created 2007 Ky. Acts ch. 137, sec. 4, effective June 26, 2007.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183,
provides, "The specific textual provisions of Sections 1 to 178 of this Act which
reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed
effective as of June 26, 2007, and those provisions are hereby made expressly
retroactive to that date, with the remainder of the text of those sections being
unaffected by the provisions of this section."
Disclaimer: These codes may not be the most recent version. Kentucky 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.
