Sec. 202. Plan of conversion.

188 words·~1 min read·/il/chapter-805/act-415/202

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A domestic entity may convert to a different type of entity under this Article by approving a plan of conversion. The plan must be in a record and contain:

(1)the name and type of the converting entity;

(2)the name, jurisdiction of organization, and type of the converted entity;

(3)the manner of converting the interests in the converting entity into interests,

securities, obligations, rights to acquire interests or securities, cash, or other property, or any combination of the foregoing;

(4)the proposed public organic document of the converted entity if it will be a filing

entity;

(5)the full text of the private organic rules of the converted entity that are proposed

to be in a record;

(6)the other terms and conditions of the conversion; and

(7)any other provision required by the law of this State or the organic rules of the

converting entity.

(b)A plan of conversion may contain any other provision not prohibited by law.

(c)The entity shall maintain the plan of conversion in accordance with the entity's policy for maintaining books and records.