Iowa Code 488.1103 – Action on plan of conversion by converting limited partnership
Current as of: 2023 | Check for updates
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1. Subject to section 488.1110, a plan of conversion must be consented to by all the partners of a converting limited partnership.
Terms Used In Iowa Code 488.1103
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
2. Subject to section 488.1110 and any contractual rights, after a conversion is approved, and at any time before a filing is made under section 488.1104, a converting limited partnership may amend the plan or abandon the planned conversion according to any or all of the following:
a. As provided in the plan.
b. Except as prohibited by the plan, by the same consent as was required to approve the plan.