[§428-411] Continuation of limited liability company after expiration of specified term.
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/hi/chapter-428/428-411A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§428-411] Continuation of limited liability company after expiration of specified term.
(a)If a limited liability company that has a specified term is continued after the expiration of the term, the rights and duties of the members and managers remain the same as they were at the expiration of the term, except to the extent inconsistent with rights and duties of members and managers of an at-will company.
(b)If the members in a member-managed limited liability company or the managers in a manager-managed company continue the business without winding up the business of the company, the company shall continue as an at-will company. [L 1996, c 92, pt of §1]