48-2c-609 - Series related provisions in operating agreement. - Utah Statutes

48-2c-609. Series related provisions in operating agreement.
(1) An operating agreement may provide for classes or groups of members or managersassociated with a series with separate rights, powers, or duties as provided in Subsection48-2c-606(1).
(2) An operating agreement may provide for the future creation of additional classes orgroups of members or managers associated with a series having such relative rights, powers, andduties as may from time to time be established, including rights, powers, and duties senior toexisting classes and groups of members or managers associated with the series.
(3) An operating agreement may provide for the taking of an action without the vote orapproval of any member or manager, or class or group of members or managers, including:
(a) an action to create a class or group of a series of interests in the company that was notpreviously outstanding; and
(b) amending the operating agreement.
(4) An operating agreement may provide that any member or class or group of membersassociated with a series has no voting rights.
(5) (a) An operating agreement may grant to all or certain identified members ormanagers, or a specified class or group of the members or managers associated with a series, theright to vote separately or with all or any class or group of the members or managers associatedwith the series, on any matter.
(b) Voting by members or managers associated with a series may be on a per capita,number, financial interest, class, group, or any other basis.

Enacted by Chapter 92, 2006 General Session