This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1695: Tuesday, April 29, 1997

12   of any manager or class or group of managers,
13   including an action to create a class or group of
14   membership interests that was not previously
15   outstanding.
16     2.  An operating agreement may grant to all or
17   certain identified managers or a specified class or
18   group of managers the right to vote on any matter,
19   separately or with all or any class or group of
20   managers or members.  Voting by managers may be on a
21   per capita, number, financial interest, class, group,
22   or any other basis.
23     3.  An operating agreement which grants a right to
24   vote may set forth provisions relating to notice of
25   the time, place, or purpose of any meeting at which
26   any matter is to be voted on by any manager or class
27   or group of managers, waiver of any such notice,
28   action by consent without a meeting, the establishment
29   of a record date, quorum requirements, voting in
30   person or by proxy, or any other matter with respect
31   to the exercise of any such right to vote.
32     Sec. ___.  Section 490A.709, subsection 2,
33   unnumbered paragraph 1, Code 1997, is amended to read
34   as follows:
35     Each member has the right for any purpose
36   reasonably related to the member's interest as a
37   member of the limited liability company, upon
38   reasonable request and subject to reasonable standards
39   as may be set forth in an operating agreement, to do
40   any of the following:
41     Sec. ___.  NEW SECTION.  490A.710  DELEGATION OF
42   RIGHTS AND POWERS TO MANAGE.
43     Unless otherwise provided in the operating
44   agreement, a member or manager of a limited liability
45   company may delegate to one or more other persons the
46   member's or manager's rights and powers to manage and
47   control the business and affairs of the limited
48   liability company, including to agents and employees
49   of a member or manager of the limited liability
50   company, and to delegate by a management agreement or

Page  15

 1   another agreement with other persons.  Unless
 2   otherwise provided in the operating agreement, such
 3   delegation by a member or manager of a limited
 4   liability company shall not cause the member or
 5   manager to cease to be a member or manager of the
 6   limited liability company.
 7     Sec. ___.  NEW SECTION.  490A.711  CONTRACTUAL
 8   APPRAISAL RIGHTS.
 9     An operating agreement or an agreement of merger
10   may provide that contractual appraisal rights with
11   respect to a membership interest or another interest

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

Comments about this site or page? hjourn@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Tue May 6 09:40:03 CDT 1997
URL: /DOCS/GA/77GA/Session.1/HJournal/01600/01695.html
jhf