Legacy preservation provision definition
Legacy preservation provision means a provision in the certificate of incorporation adopted in accordance with section 33-1355, as amended by this act.
Legacy preservation provision means a provision in the certificate of organization of a benefit limited liability company that is adopted in accordance with subsection (a) of section 6 of this act and is identified in the certificate of organization as a legacy preservation provision.
Legacy preservation provision means a provision in the
More Definitions of Legacy preservation provision
Legacy preservation provision means a provision in the certificate of incorporation adopted in accordance with section 6 of this act.
Legacy preservation provision means a provision enacted
Legacy preservation provision means a provision enacted pursuant to section 7 of this act providing that a benefit corporation (A) shall, upon dissolution, distribute its assets to one or more charitable organizations or benefit corporations that have enacted such provision, and (B) may not otherwise terminate its status as a benefit corporation.
Legacy preservation provision means a provision in the certificate of organization of a benefit limited liability company that (A) states that the status of the benefit limited liability company as such may not be terminated, either directly by amendment of the certificate of organization or indirectly through a merger, consolidation, interest exchange or other business combination, or a sale, lease, exchange or other disposition of all or substantially all of the assets of the benefit limited liability company that would leave the benefit limited liability company without a significant continuing business activity, within the meaning of subsection (a) of section 33-831 of the general statutes; (B) may provide for either or both of the following: (i) The specific benefit purpose or purposes of the benefit limited liability company set forth in the certificate of organization, if any, may not be amended, modified or repealed; and (ii) distributions by the benefit limited liability company to its members, including distributions to members following dissolution, shall be restricted or prohibited as provided in the certificate of organization; (C) is specifically identified in the certificate of organization as a legacy preservation provision; and (D) provides that it may not be amended, modified or repealed, directly or indirectly, during the restricted period.