Iowa Code 489.14104 – Powers and duration of protected series
Current as of: 2023 | Check for updates
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1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
Terms Used In Iowa Code 489.14104
- 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
- Member: means a person that has become a member of a limited liability company under section 489. See Iowa Code 489.102
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Iowa Code 489.102
2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company.
3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.
4. A protected series of a series limited liability company shall not do any of the following:
a. Be a member of the company.
b. Establish a protected series.
c. Except as permitted by law of this state other than this article, have a purpose or power that the law of this state other than this article prohibits a limited liability company from doing or having.