Arkansas § 4-37-701 - Governing law.

§ 4-37-701. Governing law.

The law of the jurisdiction of formation of a foreign series limited liability company governs: the internal affairs of a foreign protected series of the company, including: relations among any associated members of the foreign protected series; relations between the foreign protected series and: any associated member; the protected-series manager; or any protected-series transferee; relations between any associated member and: the protected-series manager: any protected-series transferee; the rights and duties of a protected-series manager; governance decisions affecting the activities and affairs of the foreign protected series and the conduct of those activities and affairs; and procedures and conditions for becoming an associated member or protected-series transferee; relations between the foreign protected series and: the company; another foreign protected series of the company; a member of the company which is not an associated member of the foreign protected series; a foreign protected-series manager that is not a protected-series manager of the protected series; a foreign protected-series transferee that is not a foreign protected-series transferee of the protected series; and a transferee of a transferable interest of the company; except as otherwise provided in § 4-37-402 and § 4-37-404, the liability of a person for a debt, obligation, or other liability of a foreign protected series of a foreign series limited liability company if the debt, obligation, or liability is asserted solely by reason of the person being or acting as: an associated member, protected-series transferee, or protected-series manager of the foreign protected series; a member of the company which is not an associated member of the foreign protected series; a protected-series manager of another foreign protected series of the company; a protected-series transferee of another foreign protected series of the company; a manager of the company; or a transferee of a transferable interest of the company; and except as otherwise provided in § 4-37-402 and § 4-37-404: the liability of the foreign series limited liability company for a debt, obligation, or other liability of a foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series being a foreign protected series of the company or the company: being or acting as a foreign protected-series manager of the foreign protected series; having the foreign protected series manage the company; or owning a protected-series transferable interest of the foreign protected series; and the liability of a foreign protected series for a debt, obligation, or other liability of the company or another foreign protected series of the company if the debt, obligation, or liability is asserted solely by reason of the foreign protected series: being a foreign protected series of the company or having the company or another foreign protected series of the company be or act as foreign protected-series manager of the foreign protected series; or managing the company or being or acting as a foreign protected-series manager of another foreign protected series of the company.