Texas § BO.101.627 - CONVERSION OF A REGISTERED SERIES TO A PROTECTED SERIES

§ BO.101.627. CONVERSION OF A REGISTERED SERIES TO A PROTECTED SERIES

CONVERSION OF A REGISTERED SERIES TO A PROTECTED SERIES. (a) Upon compliance with Section 101.628 , a registered series of a domestic limited liability company may convert to a protected series of the domestic limited liability company by filing a certificate of conversion that complies with Section 101.631 with the secretary of state in accordance with and taking effect as a filing instrument as specified by Chapter 4 . (b) Upon compliance with Section 101.628 , a protected series of a domestic limited liability company may convert to a registered series of the domestic limited liability company by filing simultaneously with the secretary of state in accordance with, and taking effect as a filing instrument as specified by, Chapter 4 : (1) a certificate of conversion that complies with Section 101.631 ; and (2) a certificate of registered series as provided by Section 101.623 . (c) An existing registered series may not become a protected series except as provided by Subsection (a) and Sections 101.628 through 101.632 . (d) For purposes of this section and Sections 101.628 through 101.632 : (1) "Conversion" means the continuation of: (A) a registered series as a protected series; or (B) a protected series as a registered series. (2) "Converted series" means a registered series or protected series resulting from a conversion of, respectively, a protected series or registered series, of a domestic limited liability company. (3) "Converting series" means a registered series or protected series before a conversion of that series. (4) "Plan of conversion" means a document that conforms with the requirements of Section 101.628 . Added by Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523 ), Sec. 1, eff. June 1, 2022. Amended by: Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514 ), Sec. 46, eff. September 1, 2023.