§951. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1. Converting entity. “Converting entity” means the domestic business corporation or domestic unincorporated entity that adopts a plan of […]
§952. Entity conversion authorized 1. Domestic other entity. A domestic business corporation may become a domestic unincorporated entity pursuant to a plan of entity conversion. If the organic law of the unincorporated entity does not provide for such a conversion, section 957 governs the effect of converting to that form of unincorporated entity. [PL […]
§953. Plan of entity conversion 1. Plan of entity conversion. A plan of entity conversion under section 952 must include: A. A statement of the type of unincorporated entity the surviving entity will be and, if the other entity will be a foreign unincorporated entity, its jurisdiction of organization; [PL 2001, c. 640, […]
§954. Action on plan of entity conversion In the case of an entity conversion of a domestic business corporation, referred to in this section as the “corporation,” to a domestic or foreign unincorporated entity: [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1. Plan adopted by […]
§955. Articles of entity conversion 1. Conversion to domestic unincorporated entity. After the conversion of a domestic business corporation, referred to in this subsection as the “corporation,” to a domestic unincorporated entity has been adopted and approved as required by this Act, articles of entity conversion must be executed on behalf of the corporation by […]
§956. Surrender of charter upon conversion 1. Articles of charter surrender; domestic business corporation. Whenever a domestic business corporation has adopted and approved, in the manner required by this subchapter, a plan of entity conversion providing for the domestic business corporation, referred to in this section as the “corporation,” to be converted to a foreign […]
§957. Effect of entity conversion 1. Conversion to domestic business corporation or domestic other entity. When a conversion under this subchapter in which the surviving entity is a domestic business corporation or domestic unincorporated entity becomes effective: A. The title to all real and personal property, both tangible and intangible, of the converting entity […]
§958. Abandonment of entity conversion 1. Conversion abandoned by board of directors. Unless otherwise provided in a plan of entity conversion of a domestic business corporation, after the plan has been adopted and approved as required by this subchapter and at any time before the entity conversion has become effective, it may be abandoned by […]
