Delaware LLC Act Default Provisions.docx

Delaware LLC Act Default Provisions.docx

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DelawareLLCActDefaultProvisions

DelawareLLCActDefaultProvisions

§18-101.Definitions.3

§18-202.Amendmenttocertificateofformation.3

§18-204.Execution.3

§18-209.Mergerandconsolidation.3

§18-212.Domesticationofnon-UnitedStatesentities.4

§18-213.Transferorcontinuanceofdomesticlimitedliabilitycompanies.5

§18-214.Conversionofcertainentitiestoalimitedliabilitycompany.5

§18-215.Seriesofmembers,managers,limitedliabilitycompanyinterestsorassets.6

§18-216.Approvalofconversionofalimitedliabilitycompany.8

§18-301.Admissionofmembers.8

§18-302.Classesandvoting.9

§18-304.Eventsofbankruptcy.9

§18-402.Managementoflimitedliabilitycompany.10

§18-404.Classesandvoting.10

§18-407.Delegationofrightsandpowerstomanage.11

§18-502.Liabilityforcontribution.11

§18-503.Allocationofprofitsandlosses.12

§18-504.Allocationofdistributions.12

§18-603.Resignationofmember.12

§18-604.Distributionuponresignation.13

§18-605.Distributioninkind.13

§18-606.Righttodistribution.13

§18-607.Limitationsondistribution.13

§18-702.Assignmentoflimitedliabilitycompanyinterest.14

§18-801.Dissolution.15

§18-803.Windingup.15

§18-804.Distributionofassets.16

§18-1101.Constructionandapplicationofchapterandlimitedliabilitycompanyagreement.16

§18-101.Definitions.

Asusedinthischapterunlessthecontextotherwiserequires:

§18-202.Amendmenttocertificateofformation.

（d）Unlessotherwiseprovidedinthischapterorunlessalatereffectivedateortime（whichshallbeadateortimecertain）isprovidedforinthecertificateofamendment,acertificateofamendmentshallbeeffectiveatthetimeofitsfilingwiththeSecretaryofState.（68Del.Laws,c.434,§1.）

§18-204.Execution.

（b）Unlessotherwiseprovidedinalimitedliabilitycompanyagreement,anypersonmaysignanycertificateoramendmentthereoforenterintoalimitedliabilitycompanyagreementoramendmentthereofbyanagent,includinganattorney-in-fact.Anauthorization,includingapowerofattorney,tosignanycertificateoramendmentthereofortoenterintoalimitedliabilitycompanyagreementoramendmentthereofneednotbeinwriting,neednotbeswornto,verifiedoracknowledged,andneednotbefiledintheofficeoftheSecretaryofState,butifinwriting,mustberetainedbythelimitedliabilitycompany.

§18-209.Mergerandconsolidation.

（b）Pursuanttoanagreementofmergerorconsolidation,1ormoredomesticlimitedliabilitycompaniesmaymergeorconsolidatewithorinto1ormoredomesticlimitedliabilitycompaniesor1ormoreotherbusinessentitiesformedororganizedunderthelawsoftheStateofDelawareoranyotherstateortheUnitedStatesoranyforeigncountryorotherforeignjurisdiction,oranycombinationthereof,withsuchdomesticlimitedliabilitycompanyorotherbusinessentityastheagreementshallprovidebeingthesurvivingorresultingdomesticlimitedliabilitycompanyorotherbusinessentity.Unlessotherwiseprovidedinthelimitedliabilitycompanyagreement,amergerorconsolidationshallbeapprovedbyeachdomesticlimitedliabilitycompanywhichistomergeorconsolidatebythemembersor,ifthereismorethanoneclassorgroupofmembers,thenbyeachclassorgroupofmembers,ineithercase,bymemberswhoownmorethan50percentofthethencurrentpercentageorotherinterestintheprofitsofthedomesticlimitedliabilitycompanyownedbyallofthemembersorbythemembersineachclassorgroup,asappropriate.Inconnectionwithamergerorconsolidationhereunder,rightsorsecuritiesof,orinterestsin,adomesticlimitedliabilitycompanyorotherbusinessentitywhichisaconstituentpartytothemergerorconsolidationmaybeexchangedfororconvertedintocash,property,rightsorsecuritiesof,orinterestsin,thesurvivingorresultingdomesticlimitedliabilitycompanyorotherbusinessentityor,inadditiontoorinlieuthereof,maybeexchangedfororconvertedintocash,property,rightsorsecuritiesof,orinterestsin,adomesticlimitedliabilitycompanyorotherbusinessentitywhichisnotthesurvivingorresultinglimitedliabilitycompanyorotherbusinessentityinthemergerorconsolidationormaybecancelled.Notwithstandingpriorapproval,anagreementofmergerorconsolidationmaybeterminatedoramendedpursuanttoaprovisionforsuchterminationoramendmentcontainedintheagreementofmergerorconsolidation.

（d）Unlessafutureeffectivedateortimeisprovidedinacertificateofmergerorconsolidation,inwhicheventamergerorconsolidationshallbeeffectiveatanysuchfutureeffectivedateortime,amergerorconsolidationshallbeeffectiveuponthefilingintheofficeoftheSecretaryofStateofacertificateofmergerorconsolidation.

（g）Whenanymergerorconsolidationshallhavebecomeeffectiveunderthissection,forallpurposesofthelawsoftheStateofDelaware,alloftherights,privilegesandpowersofeachofthedomesticlimitedliabilitycompaniesandotherbusinessentitiesthathavemergedorconsolidated,andallproperty,real,personalandmixed,andalldebtsduetoanyofsaiddomesticlimitedliabilitycompaniesandotherbusinessentities,aswellasallotherthingsandcausesofactionbelongingtoeachofsuchdomesticlimitedliabilitycompaniesandotherbusinessentities,shallbevestedinthesurvivingorresultingdomesticlimitedliabilitycompanyorotherbusinessentity,andshallthereafterbethepropertyofthesurvivingorresultingdomesticlimitedliabilitycompanyorotherbusinessentityastheywereofeachofthedomesticlimitedliabilitycompaniesandotherbusinessentitiesthathavemergedorconsolidated,andthetitletoanyrealpropertyvestedbydeedorotherwise,underthelawsoftheStateofDelaware,inanyofsuchdomesticlimitedliabilitycompaniesandotherbusinessentities,shallnotrevertorbeinanywayimpairedbyreasonofthischapter;butallrightsofcreditorsandallliensuponanypropertyofanyofsaiddomesticlimitedliabilitycompaniesandotherbusinessentitiesshallbepreservedunimpaired,andalldebts,liabilitiesanddutiesofeachofthesaiddomesticlimitedliabilitycompaniesandotherbusinessentitiesthathavemergedorconsolidatedshallthenceforthattachtothesurvivingorresultingdomesticlimitedliabilitycompanyorotherbusinessentity,andmaybeenforcedagainstittothesameextentasifsaiddebts,liabilitiesanddutieshadbeenincurredorcontractedbyit.Unlessotherwiseagreed,amergerorconsolidationofadomesticlimitedliabilitycompany,includingadomesticlimitedliabilitycompanywhichisnotthesurvivingorresultingentityinthemergerorconsolidation,shallnotrequiresuchdomesticlimitedliabilitycompanytowindupitsaffairsunder§18-803ofthistitleorpayitsliabilitiesanddistributeitsassetsunder§18-804ofthistitle,andthemergerorconsolidationshallnotconstituteadissolutionofsuchlimitedliabilitycompany.

§18-212.Domesticationofnon-UnitedStatesentities.

（i）Whenanon-UnitedStatesentityhasbecomedomesticatedasalimitedliabilitycompanypursuanttothissection,forallpurposesofthelawsoftheStateofDelaware,thelimitedliabilitycompanyshallbedeemedtobethesameentityasthedomesticatingnon-UnitedStatesentityandthedomesticationshallconstituteacontinuationoftheexistenceofthedomesticatingnon-UnitedStatesentityintheformofadomesticlimitedliabilitycompany.Unlessotherwiseagreed,forallpurposesofthelawsoftheStateofDelaware,thedomesticatingnon-UnitedStatesentityshallnotberequiredtowindupitsaffairsorpayitsliabilitiesanddistributeitsassets,andthedomesticationshallnotbedeemedtoconstituteadissolutionofsuchnon-UnitedStatesentity.If,followingdomestication,anon-UnitedStatesentitythathasbecomedomesticatedasalimitedliabilitycompanycontinuesitsexistenceintheforeigncountryorotherforeignjurisdictioninwhichitwasexistingimmediatelypriortodomestication,thelimitedliabilitycompanyandsuchnon-UnitedStatesentityshall,forallpurposesofthelawsoftheStateofDelaware,constituteasingleentityformed,incorporated,createdorotherwisehavingcomeintobeing,asapplicable,andexistingunderthelawsoftheStateofDelawareandthelawsofsuchforeigncountryorotherforeignjurisdiction.

§18-213.Transferorcontinuanceofdomesticlimitedliabilitycompanies.

（d）ThetransferordomesticationorcontinuanceofalimitedliabilitycompanyoutoftheStateofDelawareinaccordancewiththissectionandtheresultingcessationofitsexistenceasalimitedliabilitycompanyoftheStateofDelawarepursuanttoacertificateoftransfershallnotbedeemedtoaffectanyobligationsorliabilitiesofthelimitedliabilitycompanyincurredpriortosuchtransferordomesticationorcontinuanceorthepersonalliabilityofanypersonincurredpriortosuchtransferordomesticationorcontinuance,norshallitbedeemedtoaffectthechoiceoflawapplicabletothelimitedliabilitycompanywithrespecttomattersarisingpriortosuchtransferordomesticationorcontinuance.Unlessotherwiseagreed,thetransferordomesticationorcontinuanceofalimitedliabilitycompanyoutoftheStateofDelawareinaccordancewiththissectionshallnotrequiresuchlimitedliabilitycompanytowindupitsaffairsunder§18-803ofthistitleorpayitsliabilitiesanddistributeitsassetsunder§18-804ofthistitleandshallnotbedeemedtoconstituteadissolutionofsuchlimitedliabilitycompany.

§18-214.Conversionofcertainen