Maine Revised Statutes Title 31 Sec. 1433 – Action on plan of conversion by converting limited partnership
Current as of: 2023 | Check for updates
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1. Consent. Subject to section 1440, a plan of conversion must be consented to by all the partners of a converting limited partnership.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1433
- Converting limited partnership: means a converting organization that is a limited partnership. See Maine Revised Statutes Title 31 Sec. 1431
- 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. Amend plan or abandon planned conversion. Subject to section 1440 and any contractual rights, after a conversion is approved, and at any time before a filing is made under section 1434, a converting limited partnership may amend the plan or abandon the planned conversion:
A. As provided in the plan; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. Except as prohibited by the plan, by the same consent as was required to approve the plan. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).