A limited liability company organized under this chapter is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following events:
1. At the time or on the happening of an event specified in this chapter or in the articles of organization or an operating agreement to cause dissolution.
2. Upon the unanimous written consent of the members.
3. Unless otherwise provided in the articles of organization or an operating agreement, upon the death, insanity, retirement, resignation, withdrawal, expulsion, bankruptcy, or dissolution of a member or occurrence of any other event that terminates the continued membership of a member in the limited liability company, unless the business of the limited liability company is continued by the consent of the members in the manner stated in the articles of organization or an operating agreement or if not so stated, by the unanimous consent of the remaining members within ninety days of the occurrence of the event.
4. The entry of a decree of judicial dissolution under section 490A.1302.
92 Acts, ch 1151, § 68; 93 Acts, ch 39, § 30, 31; 95 Acts, ch 138, §5; 96 Acts, ch 1170, § 22
Iowa General Assembly
Search: Iowa Code 1997
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