805 ILCS 180/37-36: Restrictions on approval of mergers.
Where this section sits in the code
- CHAPTER 805 BUSINESS ORGANIZATIONS
- Limited Liability Company Act.
(a) If a member of a merging limited liability company will have personal liability with respect to a surviving organization, approval or amendment of a plan of merger is ineffective without the consent of the member, unless:
(1) the company's operating agreement provides for approval of a merger with the consent of fewer than all the members; and
(2) the member has consented to the provision of the operating agreement.
(b) A member does not give the consent required by subsection (a) merely by consenting to a provision of the operating agreement that permits the operating agreement to be amended with the consent of fewer than all the members.
Collected 2026-09-15T04:46:47Z. Source file · JSON