Arkansas § 4-37-303 - Protected-Series transferable interest.

§ 4-37-303. Protected-Series transferable interest.

A protected-series transferable interest of a protected series of a series limited liability company must be owned initially by an associated member of the protected series or the company. If a protected series of a series limited liability company has no associated members when established, the company owns the protected-series transferable interests in the protected series. In addition to acquiring a protected series transferable series interest under subsection (b), a series limited liability company may acquire a series transferable interest through a transfer from another person or as provided in the operating agreement. Except for § 4-37-108(a)(3), a provision of this chapter which applies to a protected series transferee of a protected series of a series limited liability company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series. A provision of the operating agreement of a series limited liability company which applies to a protected-series transferee of a protected series of the company applies to the company in its capacity as an owner of a protected-series transferable interest of the protected series.