Indiana Code 23-18.1-3-6. Requirements for sale, lease, exchange, or other disposition of assets
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Sec. 6. A sale, lease, exchange, or other disposition of all or substantially all of the assets of a series limited liability company is not effective unless one (1) or more of the following apply:
(2) The transaction is approved by two-thirds (2/3) of the members, unless otherwise provided for in the operating agreement.
(1) The transaction is in the usual and regular course of business.
Terms Used In Indiana Code 23-18.1-3-6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
As added by P.L.170-2016, SEC.19.