21-524. Events causing dissolution of protected series.
167 words·~1 min read·
/ne/chapter-21/21-524A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A protected series of a series limited liability company is dissolved, and its activities and affairs must be wound up, only on the:
(1)dissolution of the company;
(2)occurrence of an event or circumstance the operating agreement states causes dissolution of the protected series;
(3)affirmative vote or consent of all members; or
(4)entry by the court of an order dissolving the protected series on application by an associated member or protected-series manager of the protected series:
(A)in accordance with section 21-508 ; and
(B)to the same extent, in the same manner, and on the same grounds the court would enter an order dissolving a limited liability company on application by a member or manager of the company; or
(5)entry by the court of an order dissolving the protected series on application by the company or a member of the company on the ground that the conduct of all or substantially all the activities and affairs of the protected series is illegal.