2015 Utah Code
Title 48 - Unincorporated Business Entity Act
Chapter 1d - Utah Uniform Partnership Act
Part 10 - Merger, Interest Exchange, Conversion, and Domestication
Section 1044 - Amendment or abandonment of plan of conversion.

Effective 5/12/2015
48-1d-1044. Amendment or abandonment of plan of conversion.

• (1) A plan of conversion of a subject entity or domestic converting partnership may be amended:
  • (a) in the same manner as the plan was approved, if the plan does not provide for the manner in which it may be amended; or
  • (b) by the partners of the entity in the manner provided in the plan, but a partner that was entitled to vote on or consent to approval of the conversion is entitled to vote on or consent to any amendment of the plan that will change:
    • (i) the amount or kind of interests, securities, obligations, money, other property, rights to acquire interests or securities, or any combination of the foregoing, to be received by any of the partners of the converting entity under the plan;
    • (ii) the public organic record or private organic rules of the converted entity that will be in effect immediately after the conversion becomes effective, except for changes that do not require approval of the interest holders of the converted entity under its organic law or organic rules; or
    • (iii) any other terms or conditions of the plan, if the change would adversely affect the partner in any material respect.

• (2) After a plan of conversion has been approved and before a statement of conversion becomes effective, the plan may be abandoned as provided in the plan. Unless prohibited by the plan, a domestic converting partnership may abandon the plan in the same manner as the plan was approved.

• (3) If a plan of conversion is abandoned after a statement of conversion has been delivered to the division for filing and before the statement of conversion becomes effective, a statement of abandonment, signed by the converting entity, must be delivered to the division for filing before the time the statement of conversion becomes effective. The statement of abandonment takes effect on filing, and the conversion is abandoned and does not become effective. The statement of abandonment must contain:
  • (a) the name of the converting subject entity or partnership;
  • (b) the date on which the statement of conversion was delivered to the division for filing; and
  • (c) a statement that the conversion has been abandoned in accordance with this section.

Amended by Chapter 227, 2015 General Session