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House Study Bill 538 - IntroducedA Bill ForAn Act 1providing for the application and construction of the
2uniform protected series Act.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 489.14801 Uniformity of application
2and construction.
3In applying and construing this article, consideration
4shall be given to the need to promote uniformity of the law
5with respect to its subject matter among states that enact the
6uniform protected series Act as approved and recommended by the
7national conference of commissioners on uniform state laws.
8EXPLANATION
9The inclusion of this explanation does not constitute agreement with
10the explanation’s substance by the members of the general assembly.
11The first session of the 88th general assembly enacted
12SF 569, the uniform protected series Act (2019 Iowa Acts,
13chapter 26). The Act amended Code chapter 489, the revised
14uniform limited liability company Act (RULLCA) as approved
15and recommended by the national conference on commissioners
16of uniform state laws (Code chapter 5). Generally, the
17Act provides that a protected series operating under the
18organizational structure of a series limited liability company
19may function in a manner analogous to a separate legal entity.
20The uniform protected series Act will be codified as Article 14
21of Code chapter 489 and by July 1, 2021, will replace Article
2212 relating to the same subject matter. This bill’s provision
23closely resembles Code section 489.1304, which applies to the
24entire Code chapter.
-1-da/jh
2uniform protected series Act.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 489.14801 Uniformity of application
2and construction.
3In applying and construing this article, consideration
4shall be given to the need to promote uniformity of the law
5with respect to its subject matter among states that enact the
6uniform protected series Act as approved and recommended by the
7national conference of commissioners on uniform state laws.
8EXPLANATION
9The inclusion of this explanation does not constitute agreement with
10the explanation’s substance by the members of the general assembly.
11The first session of the 88th general assembly enacted
12SF 569, the uniform protected series Act (2019 Iowa Acts,
13chapter 26). The Act amended Code chapter 489, the revised
14uniform limited liability company Act (RULLCA) as approved
15and recommended by the national conference on commissioners
16of uniform state laws (Code chapter 5). Generally, the
17Act provides that a protected series operating under the
18organizational structure of a series limited liability company
19may function in a manner analogous to a separate legal entity.
20The uniform protected series Act will be codified as Article 14
21of Code chapter 489 and by July 1, 2021, will replace Article
2212 relating to the same subject matter. This bill’s provision
23closely resembles Code section 489.1304, which applies to the
24entire Code chapter.
-1-da/jh