Section 10.50.510. Approval or abandonment of merger or consolidation.

   (a) Unless otherwise provided in an operating agreement of the company, a limited liability company may not approve a proposed merger or consolidation unless the merger or consolidation is approved by all of the members of the company.
   (b) A foreign limited liability company that is a party to a proposed merger or consolidation may not approve the merger or consolidation unless the merger or consolidation is approved in the manner and by the vote required by the law applicable to the foreign limited liability company.
   (c) A party to a merger or consolidation under this chapter may abandon the merger or consolidation as provided in the merger or consolidation agreement.

Authorities

10.50.540

Notes

References

AS 10.50.540 Use of merger or consolidation agreement to amend or adopt operating agreement.

History

(Sec. 1 ch 99 SLA 1994)