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21-541 Repealed. Laws 2019, LB78, § 24. Transitional provisions.

NE Code § 21-541 (2019) (N/A)
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21-541. Repealed. Laws 2019, LB78, § 24. Transitional provisions.

(a) Before January 1, 2022, the Nebraska Uniform Protected Series Act governs only:

(1) a series limited liability company formed, or a protected series established, on or after January 1, 2021; and

(2) a limited liability company that is a series limited liability company before January 1, 2021, and elects, in the manner provided in its operating agreement or by law for amending the operating agreement, to be subject to the act.

(b) If a series limited liability company elects under subsection (a)(2) of this section to be subject to the act:

(1) the election applies to each protected series of the company, whenever established; and

(2) a manager of the company has the right to sign and deliver to the Secretary of State for filing any record necessary to comply with the act, whether the record pertains to the company, a protected series of the company, or both.

(c) On and after January 1, 2022, the act governs all series limited liability companies and protected series.

(d) Until January 1, 2022, sections 21-521 and 21-523 do not apply to a foreign protected series that was established before January 1, 2021, or a foreign limited liability company that became a foreign series limited liability company before January 1, 2021.

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