<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A-914 - Restrictions on approval of mergers, conversions, and domestications. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069690Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069690SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069690CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069690Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069690DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069690Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069690Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069690000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069690SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069690SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069690Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069690SENU">47-34A-914</span></a><span xml:space="preserve" class="s2069690SENU">. </span><span class="s2069690CL">Restrictions on approval of mergers, conversions, and domestications.</span></p><p dir="ltr" class="s2069690Normal-000000"><span class="s2069690DefaultParagraphFont">(a) If a member of a constituent, converting, or domesticating limited liability company will have personal liability with respect to a surviving, converted, or domesticated organization, approval or amendment of a plan of merger, conversion, or domestication is ineffective without the consent of the member, unless:</span></p><p dir="ltr" class="s2069690Normal-000001"><span class="s2069690DefaultParagraphFont">(1)    The company's operating agreement provides for approval of a merger, conversion, or domestication with the consent of fewer than all the members; and</span></p><p dir="ltr" class="s2069690Normal-000001"><span class="s2069690DefaultParagraphFont">(2)    The member has consented to the provision of the operating agreement.</span></p><p dir="ltr" class="s2069690Normal-000002"><span class="s2069690DefaultParagraphFont">(b) A member does not give the consent required by subsection (a) merely by consenting to a provision of the operating agreement that permits the operating agreement to be amended with the consent of fewer than all the members.</span></p><p dir="ltr" class="s2069690Normal"><span xml:space="preserve" class="s2069690000003"> </span></p><p dir="ltr" class="s2069690Normal"><span class="s2069690SCL">Source:</span><span xml:space="preserve" class="s2069690SCL-000004"> SL 2013, ch 233, § 28.</span></p></div></body></html>