16-1a-802. Interest exchange authorized.
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Effective 10/1/2026
16-1a-802. Interest exchange authorized.
(1)Except as otherwise provided in this section, by complying with this part:
(a)a domestic entity may acquire all of one or more classes or series of interests of another domestic entity or a foreign entity in exchange for interests, securities, obligations, money, other property, or rights to acquire interests or securities;
(b)a domestic entity or foreign entity may acquire all of one or more classes or series of interests of a domestic entity in exchange for all of one or more classes or series of interests of a domestic entity; or
(c)a foreign entity may be an acquiring or acquired entity in an interest exchange under this part if the law of the foreign entity's jurisdiction of formation authorizes the interest exchange.
(2)If a protected agreement contains a provision that applies to a merger of a domestic entity but does not refer to an interest exchange, the provision applies to an interest exchange in which the domestic entity is the acquired entity as if the interest exchange were a merger until the day on which a person amends the provision.
(3)This section does not apply to a transaction described in Chapter 6a, Utah Revised Nonprofit Corporation Act.
Enacted by Chapter 93 , 2026 General Session