16-6a-1008.7 (Superseded 07/01/13).   Conversion to or from a domestic limited liability company.

(1) (a) A domestic nonprofit corporation may convert to a domestic limited liability company subject to Title 48, Chapter 2c, Utah Revised Limited Liability Company Act, by complying with:
            (i) this Subsection (1); and
            (ii) Section 48-2c-1401.
     (b) If a domestic nonprofit corporation converts to a domestic limited liability company in accordance with this Subsection (1), the articles of conversion shall:
            (i) comply with Section 48-2c-1402; and
            (ii) if the corporation has any members, provide for:
                        (A) the cancellation of any membership; or
                        (B) the conversion of any membership in the domestic nonprofit corporation to a membership interest in the domestic limited liability company.
     (c) In accordance with Section 48-2c-1404, before articles of conversion may be filed with the division, the conversion shall be approved:
            (i) in the manner provided for the articles of incorporation or bylaws of the domestic nonprofit corporation; or
            (ii) if the articles of incorporation or bylaws of the domestic nonprofit corporation do not provide the method for approval:
                        (A) if the domestic nonprofit corporation has voting members, by all of the members of the domestic nonprofit corporation regardless of limitations or restrictions on the voting rights of the members; or
                        (B) if the nonprofit domestic corporation does not have voting members, by a majority of:
                                    (I) the directors in office at the time the conversion is approved by the board of directors; or
                                    (II) if directors have not been appointed or elected, the incorporators.

(2) A domestic limited liability company may convert to a domestic nonprofit corporation subject to this chapter by:
     (a) filing articles of incorporation in accordance with this chapter; and
     (b) complying with Section 48-2c-1406.

(3) Any conversion under this section may not result in a violation, directly or indirectly, of:
     (a) Section 16-6a-1301; or
     (b) any other provision of this chapter. 

Amended by Chapter 228, 2006 General Session