Sec. 5-50. Amendment or termination by judicial act.
109 words·~1 min read·
/il/chapter-805/act-180/5-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-50. Amendment or termination by judicial act. If a person required by Section 5-45 to execute an amendment or statement of termination fails or refuses to do so, any other member and any transferee of a limited liability company interest, who is adversely affected by the failure or refusal, may petition a court to direct the amendment or statement of termination. If the court finds that the amendment or statement of termination is proper and that any person so designated has failed or refused to execute the amendment or statement of termination, it shall order the Secretary of State to record an appropriate amendment or statement of termination.