Section 450.4702 - Merger; approval of plan by members; withdrawal and distribution. - Michigan Statutes

MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT)
Act 23 of 1993

450.4702 Merger; approval of plan by members; withdrawal and distribution.

Sec. 702.

(1) A plan of merger shall be submitted to the members of each constituent company for approval, and approval shall be by unanimous vote of the members entitled to vote in each constituent company, unless an operating agreement of a constituent company provides otherwise.

(2) If an operating agreement of a constituent company provides for approval by less than unanimous vote of members entitled to vote and the merger is approved, a member who voted against the merger may withdraw from the limited liability company and receive, within a reasonable time, the fair value of the member's interest in the limited liability company, based upon the member's share of distributions as determined under section 303.

History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 1994, Act 410, Imd. Eff. Dec. 29, 1994 ;-- Am. 1997, Act 52, Imd. Eff. July 1, 1997