1. A protected series may have more than one protected-series manager. 2. If a protected series has no associated members, the series limited liabilitycompany is the protected-series manager. 3. Section 489.14108 applies to determine any duties of a protected-series manager of a protected series of a series limited liability company to allof the following: a. The protected series. b. Any associated member of the protected series. c. Any protected-series transferee of the protected series. 4. Solely by reason of being or acting as a protected-series manager of a protected series of a series limited liabilitycompany, a person owes no duty to any of the following: a. The company. b. Another protected series of the company. c. Another person in that person’s capacity as any of the following: (1) A member of the company which isnot an associated member of the protected series. (2) A protected-series transferee or protected-series manager of another protected series. (3) A transferee of the company. 5. An associated member of a protected series of a series limited liability company has the same rights as any other member of the company to vote on or consent to an amendment to the company’s operating agreement or any other matter being decided by the members, whether or not the amendment or matter affects the interests of the protected series or the associated member. 6. Subchapter IX applies to a protected series in accordance with section 489.14108.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.