Note: This version of section effective until 1-1-2018. See also following repeal of this chapter, effective 1-1-2018.

Sec. 7. (a) Unless the plan of merger precludes the right to abandon the merger, a proposed merger may be abandoned before the effective date of the articles of merger, unless provided otherwise in the operating agreement, by the affirmative vote, approval, or consent of a majority in interest of the members of each limited liability company that is party to the merger.

1. (b) If the articles of merger have been filed with the secretary of state, notice of the abandonment must be given promptly to the secretary of state.
2. (c) If the proposed merger is abandoned as provided in this section, no liability arises under the articles of merger.
3. (d) An abandonment does not prejudice the rights of a person under any other contract made by a limited liability company that is a party to the merger in connection with the proposed merger.

As added by P.L.8-1993, SEC.301.