Maine Revised Statutes Title 31 Sec. 1432 – Conversion
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1. Conversion to or from limited partnership. An organization other than a limited partnership may convert to a limited partnership and a limited partnership may convert to another organization pursuant to this section and sections 1433 to 1435 and a plan of conversion if:
A. The other organization’s governing statute authorizes the conversion; [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. The conversion is not prohibited by the law of the jurisdiction that enacted the governing statute; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
C. The other organization complies with its governing statute in effecting the conversion. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1432
- Converted organization: means the organization into which a converting organization converts pursuant to sections 1432 to 1435. See Maine Revised Statutes Title 31 Sec. 1431
- Converting organization: means an organization that converts into another organization pursuant to section 1432. See Maine Revised Statutes Title 31 Sec. 1431
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Organization: includes domestic and foreign organizations whether or not organized for profit. See Maine Revised Statutes Title 31 Sec. 1431
- Organizational documents: means :
A. See Maine Revised Statutes Title 31 Sec. 1431Partnership: 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. Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Maine Revised Statutes Title 31 Sec. 1302 Statute: A law passed by a legislature.
2. Plan of conversion. A plan of conversion must be in a record and must include:
A. The name and form of the organization before conversion; [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. The name and form of the organization after conversion; [PL 2005, c. 543, Pt. C, §2 (NEW).]
C. The terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted organization and other consideration; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
D. The organizational documents of the converted organization. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).