{"data":{"id":"us-nc/n.c.-gen.-stat.-59-1051","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 59-1051","heading":"Plan of conversion.","body":"(a)\tThe converting business entity shall approve a written plan of conversion containing:\n(1)\tThe name of the converting business entity, its type of business entity, and the state or country whose laws govern its organization and internal affairs;\n(2)\tThe name of the resulting domestic limited partnership into which the converting business entity shall convert;\n(3)\tThe terms and conditions of the conversion; and\n(4)\tThe manner and basis for converting the interests in the converting business entity into interests, obligations, or securities of the resulting domestic limited partnership or into cash or other property in whole or in part.\n(a1)\tThe plan of conversion may contain other provisions relating to the conversion.\n(a2)\tThe provisions of the plan of conversion, other than the provisions required by subdivisions (1) and (2) of subsection (a) of this section, may be made dependent on facts objectively ascertainable outside the plan of conversion if the plan of conversion sets forth the manner in which the facts will operate upon the affected provisions. The facts may include any of the following:\n(1)\tStatistical or market indices, market prices of any security or group of securities, interest rates, currency exchange rates, or similar economic or financial data.\n(2)\tA determination or action by the converting business entity or by any other person, group, or body.\n(3)\tThe terms of, or actions taken under, an agreement to which the converting business entity is a party, or any other agreement or document.\n(b)\tThe plan of conversion shall be approved in accordance with the laws of the state or country governing the organization and internal affairs of the converting business entity.\n(c)\tAfter a plan of conversion has been approved as provided in subsection (b) of this section, but before a certificate of limited partnership for the resulting domestic limited partnership becomes effective, the plan of conversion may be amended or abandoned to the extent permitted by the laws that govern the organization and internal affairs of the converting business entity. (1999-369, s. 4.8; 2001-387, s. 140; 2005-268, s. 56.)","path":["Chapter 59. Partnership.","Article 5. Revised Uniform Limited Partnership Act.","Part 10A. Conversion to Limited Partnership."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_59/GS_59-1051.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:07:02Z","sha256":"160b81b5d075fe3cdc391bfd790e1fb54737249c668be8c15a5eb4f37ac4e935","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-59-1050","next":"us-nc/n.c.-gen.-stat.-59-1052"},"notice":"GroundRules: Original legal text. Not legal advice."}