§ 4-32-1203 - Action on plan of conversion by converting limited liability company. - Arkansas Statutes

4-32-1203. Action on plan of conversion by converting limited liability company.

(a) Unless otherwise provided in writing in an operating agreement, a plan of conversion must be consented to by more than one-half (1/2) by number of the members of a converting limited liability company.

(b) Subject to any contractual rights, until a conversion is filed under 4-32-1204, a converting limited liability company may amend the plan or abandon the planned conversion:

(1) As provided in the plan; and

(2) Except as prohibited by the plan, by the same consent required to approve the plan.