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\li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7621019 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid7621019\charrsid7621019 COOK ISLAND}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid12129918 S}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7621019\charrsid7621019 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid7621019 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7621019 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid7621019\charrsid7621019 LIMITED LIABILITY COMPANIES ACT}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10318484 2008}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid7621019\charrsid7621019 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid2647650 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2647650 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7276863 ANALYSIS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2647650 {\fs24\lang2057\langfe1033\langnp2057\insrsid2647650\charrsid7276863 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7276863 Title \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647650 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 . Short Title \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647650 2. Interpretation \par \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6775125 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2647650\charrsid2647650 PART I}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par PRELIMINARY}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2647650\charrsid2647650 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 3. Office and Registrar of Limited Liability }{\fs24\lang2057\langfe1033\langnp2057\insrsid3762104 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ompanies \par 4. Powers of Registrar }{\fs24\lang2057\langfe1033\langnp2057\insrsid13589699 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 5. Lodging documents \par 6. Nature of business \par 7. Unauthorised Assumption of Powers \par 8. Effect of operating ag}{\fs24\lang2057\langfe1033\langnp2057\insrsid2647650 reement non-waivable provisions \par \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12342481 PART II}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par FORMATION}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2647650 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid12342481 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647650 9.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Name \par 10. Reservation of Name }{\fs24\lang2057\langfe1033\langnp2057\insrsid10231305 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 11. Formation \par 12. Articles of organisation \par 13. Effect of filing of articles of organisation \par 14. Appeal from Registrar \par 15. Certificate of organisation of limited liability company \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6431735 16. T}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 erm and renewal of certificate of organisation \par 17. Amendment of articles of organisation}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid6428790 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12342481 PART III}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12342481 ADMINISTRATION}{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 18. Re}{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 gistered agent to be maintained \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 19. Change of name or business address of registered agent \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 20.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Li}{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 mited liability company reports \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 21. Filing of report \par 22. Failure to pay fees and file appropriate reports - suspended limited liability companies \par 23. Service of process \par 24. Filing, service, and copying fees}{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 25. Forms to be prescribed by the Registrar}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid6428790 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid12342481 PART IV}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid12342481 M}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12342481 ANAGEMENT \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 26. Management of limited liability company \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 27. Duties of Manager \par 28. Manager as agent \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 29. Limited liability company property \par 30. Business transactions of member or manager with the limited liability company \par 31. Indemnification of members, mana}{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481 gers, employees, and agents \par 32}{\fs24\lang2057\langfe1033\langnp2057\insrsid14774556 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid14774556\charrsid6428790 Records}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12342481\charrsid6428790 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12342481 PART V}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12342481 CONTRIBUTIONS DISTRIBUTIONS AND RESIGNATION}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 33. Form of contribution \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 34. Liability for contributions \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 35. Sharing of profits, losses and distributions \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 36. Interim distributions \par 37. Resignation of member \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 38. Interest of member upon}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 resignation or withdrawal \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 39. Distribution in kind \par 40. Right to distribution \par 41.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 Limitation on distribution \par 42}{\fs24\lang2057\langfe1033\langnp2057\insrsid2116907 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid2116907\charrsid6428790 Liability}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 upon return of contribution}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4931254\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 43. Admis}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 sion of additional members \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 44. Interest in limited liability company - transferability of interest \par 45. Rights}{\fs24\lang2057\langfe1033\langnp2057\insrsid10827941 of creditor against a member \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 46. Deceased or incompetent members who are individuals - dissolved or terminated members who are legal entities \par 47. Liability of members and managers \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 48. Information and Accounting \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 PART VI}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 DISSOLUTION}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183\charrsid11745770 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 49. Dissolution \par 50. Execution by judicial act \par 51. Filing of statement of intent to dissolve \par 52. Effect of }{\fs24\lang2057\langfe1033\langnp2057\insrsid5571340 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 iling of statement of intent to dissolve \par 53. Distribution of assets upon dissolution \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9518744 54. Ar}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ticles of dissolution \par 55. Fi}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 ling of articles of dissolution \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 56. Involuntary dissolution \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 57. Notification of dissolution \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 58. Venue and process}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 \par \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 PART VII}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 TRANSFER OF DOMICILE TO COOK ISLANDS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6247036 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6247036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 59. Definitions \par 60. When transfer of domicile permitted \par 61. Application to transfer domicile \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 62. Contents of application to }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 trans}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 fer }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 domicile}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 63. Execution of application to}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 transfer domicile \par 64. Transfer and certificate of transfer of domicile \par 65. Pr}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 ior obligations and liabilities \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 66. Applicable law}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6428790 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 PART VIII}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 TRANSFER OF DOMICILE FROM THE COOK ISLANDS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid11745770 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 67. Departure \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 68. Certificate of departure \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 69. Effective date of departure}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 70. Jurisdiction of Court after departure}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6428790 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6247036 PART IX}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6104183 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6247036 MISCELLANEOUS \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 71. No action to lie against certain persons \par 72. Confidentiality \par 73. Guarantee by Crown \par 74. Form of company registers and records \par 75. Registered auditors \par 76. Application of other Acts}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 to limited liability companies \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 7}{\fs24\lang2057\langfe1033\langnp2057\insrsid6247036 7. Construction and application \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 78. Offences and penalty \par 79. Regulations \par 80. Consequential Amendments }{\fs24\lang2057\langfe1033\langnp2057\insrsid9771282 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7276863 {\fs24\lang2057\langfe1033\langnp2057\insrsid7276863 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Schedule \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9771282 {\fs24\lang2057\langfe1033\langnp2057\insrsid9771282 ____________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid9771282\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9771282 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9771282 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid9771282\charrsid9771282 2008, No.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid7276863 }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid9771282\charrsid9771282 7 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9771282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7276863 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 An Act to provide for the establishment and administration of limited liabili}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6247036\charrsid6247036 ty}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6247036 companies \par }\pard \ql \li7200\ri0\widctlpar\faauto\adjustright\rin0\lin7200\itap0\pararsid3035096 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7276863 (}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7160523 25 June 2008}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7276863 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6112769 {\fs24\lang2057\langfe1033\langnp2057\insrsid6112769\charrsid7276863 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6112769 BE IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 by the Parliament of the Cook Islands in Session assembled and by the authority of the same as follows:}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6428790 1.}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid10186168 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6030822 Short Title}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6428790 - This Act may be cited as the Limited Liability Companies Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid10186168 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6428790 2008}{\fs24\lang2057\langfe1033\langnp2057\insrsid10186168 . \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6428790 2.}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid10186168 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6030822 Interpretation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10186168\charrsid6428790 - In this Act, unless the context otherwise requires -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10186168 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10186168 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 articles of organisation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 means the articles o}{\fs24\lang2057\langfe1033\langnp2057\insrsid4421960 f organisation filed with the R}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6030822 egistrar for the purpose of forming a limited liability company as specified in section 11;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "Board" means the Board appointed}{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 p}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ursuant to section 4}{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6030822 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 F}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6030822 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 an}{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 ci}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 al}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6030822 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Supervisory Commission Act 2003;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid15812799 "business" means }{\fs24\lang2057\langfe1033\langnp2057\insrsid15812799\charrsid2189516 an}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2189516 y}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 lawful activity, including ownership of real or personal property, whether or not engaged in for profit; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "cont ribution" means anything of value which a person may contribute to a limited liability company as a prerequisite for or in connection with membership, including cash, property, or services rendered or a promissory note or other binding obligation to contr ibute cash or property or to perform services;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "Court" means the High Court of the Cook Islands;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "foreign limited liability company" means a limited liability company of similar nature to that herein defined, formed under the laws of any jurisdiction other than the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "general partner" means a partner in a partnership and a general partner in a limited partnership;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "limited liability company" or "company" means a limited liability company organised and existing under this Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "manager" means the person or persons entitled to manage a limited liability company pursuant to section 26;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "member" means a person with an ownership interest in a limited liability company with the rights and obligations specified under this Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6435486 "m}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 embership interest " means a member's share of the profits and losses of a limited liability company and the right to receive distributions of the limited liability company's assets;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid11422928 "m}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 embership rights" means all of the rights of a member in a company including membership i nterest, voting rights and any other right or interest arising from or incidental to being a member whether prescribed in this Act or in an operating agreement or otherwise at law;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6030822\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6030822 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "operating agreement" means any valid agreement of all of the members as t o the affairs of a limited liability company and the conduct of its business. }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1209267 Except as }{\fs24\lang2057\langfe1033\langnp2057\insrsid7480156\charrsid1209267 o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1209267 therwise provided in this Act, the operating agreement need not be in writing. An operating agreement includes amendments agreed to by all of the members or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 adopted in such othe}{\fs24\lang2057\langfe1033\langnp2057\insrsid6030822 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid2252115 m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 anner as may be provided in a written operating agreement; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid16063302 "p}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 erson" means any natural person, partnership, limited partnership, company, limited liability company, trust, estate, custodian, nominee, trustee, executor, administrator, fiduciary, or an}{\fs24\lang2057\langfe1033\langnp2057\insrsid282427 y other individual or entity in}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 its own or any representative capacity; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "registered office" means the bus}{\fs24\lang2057\langfe1033\langnp2057\insrsid2252115 iness address of the registered agent on}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 file }{\fs24\lang2057\langfe1033\langnp2057\insrsid2252115 w}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ith the Regi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2252115 strar;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid2252115\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "Registrar" means the Registrar of Limited Liability Companies appointed under section 3.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid2252115\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "trustee company" means a company registered pursuant to the Trustee Companies Act 1981 to carry on business as a trustee company in the Cook Islands and includes a }{\fs24\lang2057\langfe1033\langnp2057\insrsid2252115 wholly owned subsidiary thereof;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2252115 {\fs24\lang2057\langfe1033\langnp2057\insrsid2252115\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2252115 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2252115 PART I \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2252115 PRELIMINARY}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2252115 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2252115\charrsid2252115 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 3. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2252115 Office and Registrar of Limited Liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2252115\charrsid2252115 ty}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2252115 Companies}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) There is hereby established a Limited Liability Companies Office.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) The Board shall}{\fs24\lang2057\langfe1033\langnp2057\insrsid6104183 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) appoint a Registrar of Limited Liability Compan ies to carry out the duties and functions vested in the Registrar by or under this or any other Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) appoint such Deputy Registrars of Limited Liability Companies and other officers as are required for the purposes of this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) The Registrar shal l carry out the duties and functions vested in the Registrar by or under this or any other Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) Any thing by this Act appointed or authorised or required to be done by the Registrar may be done by any Deputy Registrar and shall be as valid and effectu al as if done by the Registrar.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (5) All courts, judges and persons acting judicially shall take judicial notice of the signature and seal of the Registrar and of any Deputy Registrar.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819 (6}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) For the purpose of ascertaining whether a limited liability compan y is complying with the provisions of this Act the Registrar may inspect any book, minute book, register or record required by or under this Act to be kept by the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (7) Any person appointed under the terms of subsection (2) who, e xcept for the purposes of this or any other Act, or except in the course of criminal or civil proceedings pursuant to an order of the Court makes a record of, divulges or communicates to any other person any information which he o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6448819 r sh}{\fs24\lang2057\langfe1033\langnp2057\insrsid6104183 e possesses or has acquired -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) by reason of carrying out the duties and functions of his or her office; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) by reason of access afforded or obtained by him or her to any document or register kept by the Registrar or book, minute book, register or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6448819 record kept by any }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 limited liability company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6448819 {\fs24\lang2057\langfe1033\langnp2057\insrsid6448819\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to a term}{\fs24\lang2057\langfe1033\langnp2057\insrsid1405841 of imprisonment not exceeding }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 two years in resp}{\fs24\lang2057\langfe1033\langnp2057\insrsid1405841 ect of each such offence.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1405841\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (8) A limited liability company or any manager or registered agent thereof shall, on being required by the Registrar or any person authorised by the Registrar, produ}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1405841 ce any book, register or record}{\fs24\lang2057\langfe1033\langnp2057\insrsid2298553 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1405841 (9}{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 ) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 No limited liability company or any ma}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330881 nager, member or}{\fs24\lang2057\langfe1033\langnp2057\insrsid14560034 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 registered }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 agent thereof shall obstruct or hinder the Registrar o}{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 r any person authorised by the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Registrar while exercising any of the powers referred to in subsection (6).}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 4. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330881 Powers of Re}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13330881 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330881 istrar}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The Registrar shall have the powers reasonably necessary to perform t he duties required of the Registrar under the provisions of this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 5. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330881 Lodging documents}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Every document required or permitted to be lodged with the Registrar under the provisions of this Act shall be lodged with the Registrar by a trustee company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Every application to the Registrar for any certificate issued under this Act or for any }{\fs24\lang2057\langfe1033\langnp2057\insrsid6515755 e}{ \fs24\lang2057\langfe1033\langnp2057\insrsid418334 xtract or copy of}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 any document filed by the Registrar shall be made by or through a trustee company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid16590956 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7277111 6. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7277111 Nature of business}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7277111 - (1) A limited liability company may be organised under this Act for any lawful business in any part of the world. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Without limiting the generality of subsection (1) every limited liability company organised and existing under this Act may }{\fs24\lang2057\langfe1033\langnp2057\insrsid6104183 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) sue and be sued, complain and defend, and participate in administrative or other proceedings, in its name;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6112622 (b) purchase, take, receive, lease or otherwise acquire, own, hold, improve, use, and otherwise deal in and with real or personal property, or an interest in it, wherever situated;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) sell, convey, assign, encumber, mortgage, pledge, lease, exchange, transfer, gift directly or in trust as the settlor or otherwise, and otherwise dispose of all or any part of its property and assets;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) lend money to and otherwise assist its property and assets;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use and deal in and with,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 shares or other interests in or obligations of othe r limited liability companies, corporations, associations, general or limited partnerships, or individuals or direct or indirect obligations of any government, state, territory, governmental district, or municipality or of any instrumentality of any of th em;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (f) make contracts and guarantees and incur liabilities, borrow money at such rates of interest as the limited liability company may determine, issue its notes, bonds, and other}{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 obligations, and secure any of its obligations by mortgage or pledge of all or any part of its property, franchises, and income;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (g) lend money for its proper purposes, invest and reinvest its funds, and take and hold real property and personal property for the payment of funds so loaned or invested;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (h) conduct its business, carry on its operations, and have and exercise the powers granted by this article in any country, state, territory, district, or possession in any part of the world; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 elect managers and appoint agents of the limited}{\fs24\lang2057\langfe1033\langnp2057\insrsid4929159 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 iability company and define their duties}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330881 and fix their compensation;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 (j) m}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ake a}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4929159 nd alter operating agreements consistent }{\fs24\lang2057\langfe1033\langnp2057\insrsid13187319 with}{\fs24\lang2057\langfe1033\langnp2057\insrsid4929159 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13187319 }{\fs24\lang2057\langfe1033\langnp2057\insrsid4929159 its}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 articles of organisation or with law for th}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13187319 e administration and regulation}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of the affairs of the limited liability company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (k) indemnify}{\fs24\lang2057\langfe1033\langnp2057\insrsid13187319 a member or manager or former}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 member or manager of the limited liability company as provided in section 31;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 (l}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) cease its activities and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330881 surrender its certificate of }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 organisation;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (m) have and exercise all powers necessary or convenient to effect any or all of the purposes f or which the limited liability company is organised;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330881 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (n) become a member of a general partnership, limited partnership, joint venture, company, or similar association or any }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330881 other limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Subject to the limitations provided in this Act and its articles of organisation and operating agreement, every limited liability company shall have the same powers as an individual to do all things necessary or convenient in furtherance of its objectives. \par \par 7. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid3742482 Unauthorized Assumption of Powers}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Every person who assumes to act on behalf of a limited liability company without authority to do so and without good faith and belief that they have such authority shall be personally liable (if there is more than one such person, jointly and severally liable) for all debts and liabilities incurred by that person whilst so acting.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 8. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid3742482 Effect of operating agreement non-waivable provisions}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The operating agreement may contain any provisions for the affairs of the limited liability company and the conduct of its business to the extent such provisions are consistent with law. Except as otherwise provided in subsections (2) or (3), an op e rating agreement shall govern the rights, duties, limitations, qualifications, and relations among the managers, the members, the members' assignees and transferees, and the limited liability company. Such provisions shall prevail over any provision of th is Act to the contrary except as set forth in subsection (2).}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) An operating agreement may not }{\fs24\lang2057\langfe1033\langnp2057\insrsid6104183 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) unreasonably restrict a member's right of access to books and records under section 32 or section 48;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) reduce the duty of care under section 27(1);}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) amend the obligation to perform duties in good faith under section 27(l); except that the members by agreement may determine the standards by which the performance of the obligation is to be measured, if such standards are not manifestly unreasonable; }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) vary any filing requirement under this Act; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3742482 {\fs24\lang2057\langfe1033\langnp2057\insrsid3742482\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) restrict rights of, or impose duties on, persons other than the members, their assignees and transferees, and the limited liability company witho}{\fs24\lang2057\langfe1033\langnp2057\insrsid5131086 ut the consent of such persons; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5131086 {\fs24\lang2057\langfe1033\langnp2057\insrsid5131086 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (f) affect the application to the limited liability company of the provisions of section 34(2); \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (g) be altered in any manner that will affect the app}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9443525 licabi}{\fs24\lang2057\langfe1033\langnp2057\insrsid14630015 lity}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of the provisions of section 45 to the limited liability,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9443525 company}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7430095 {\fs24\lang2057\langfe1033\langnp2057\insrsid9443525 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Unless contained in a written operating agr eement or other writing approved in accordance with a written operating agreement, no provision of an operating agreement may vary any requirement under this Act that a particular action or provision be reflected in writing.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9443525 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12792980\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid9443525 PART II \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9443525 FORMATION}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid9443525 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 9. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9443525 Name}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The words "limited liability company" or the abbreviation "LLC" or "L.L.C." shall be included in the name of every limited liability company formed under the provisions of this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) The name of a limited liability company shall not contain any word or phrase which indicates or implies that it is organised for any purposes other than those permitted by this Act and as limited }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525 by its articles of organisation.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) The name of a limited liability company shall not be the same as or deceptively similar to the name of any of the following }{\fs24\lang2057\langfe1033\langnp2057\insrsid6104183 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) any limited liability company which has articles of organisation filed with the Re}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9443525 gistrar pursuant to section 13; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid9443525 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) any name for which an exclusive right has been reserved in the office of the Registrar pur suant this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) This section is not intended to derogate from, or limit the application of, section 52 of the Banking Act 2003.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (5) The name of a limited liability company shall not include the word }{\fs24\lang2057\langfe1033\langnp2057\insrsid1387451 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 insurance", "assurance" or "annuity" or any other name similar or otherwise that might imply the limited liability company is authorised to carry on any kind of insurance business unless the prior written permission of the Registrar has been obtained.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525 (6}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) The provisions of subsection (3) shall not apply if the trustee company files with the Registrar a certified copy of an order of the Court establishing the prior right of the applicant to the use of such name.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (7) A limited liability company which acquires upon a sale, lease, or other disposition to or exchange with, another limited liability company, all or substantially all of the assets of that other limited liability company, including its name, may have the name of}{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 that limited liability company with one or more words added, altered, or deleted to m ake such name distinguishable from the name as used by the other limited liability company if that other limited liability company was organised under this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 10. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9443525 Reservation of Name}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The exclusive }{\fs24\lang2057\langfe1033\langnp2057\insrsid2189516 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ight to the use of a name may be reserved by}{\fs24\lang2057\langfe1033\langnp2057\insrsid1387451 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a ) any person intending to organise a limited liability company under this Act and to adopt that name;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) any foreign limited liability company intending to register in the Cook Islands and adopt that}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9443525 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 name;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) any person intending to register a foreign limited liability company in the Cook Islands and adopt that name.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9443525 {\fs24\lang2057\langfe1033\langnp2057\insrsid9443525\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid14634138 (2)}{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 To reserve a specifi}{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943 ed name, a trustee company shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 submit an application to the-Registrar together with the prescribed fee. If the Registrar fin}{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943 ds }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 that the name is available for use the Registrar shall reserve the name for the exclusive use of the}{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 applicant for a period of 3 months. On the payment of the fee such reservation may be renewed for additional periods not to exceed 3 months from the date of such renewal. T}{\fs24\lang2057\langfe1033\langnp2057\insrsid13187319 he right to the ex clusive use of}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 a reserved name may be transferred to any other person by delivering to the office of the Registrar a notice of the transfer, executed by the applicant for whom the name was reserved, and specifying the name and address of the transferee.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 11. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4660943 Formation}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A trustee company acting on behalf of one or more persons (and if natural persons 18 years of age or older) who do not reside in the Cook Islands may organise a limited liability company by executing and delivering articles of organisati on to the Registrar as specified in section 13. The person or persons on whose behalf the trustee company is acting need not be members of the limited liability company after formation has occurred.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Notwithstanding subsection (1), a trustee company may be a member of a limited liability company including in a trustee capacity or as agent.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) A limited liability company shall be a legal entity with separate rights and liabilities distinct from its members and managers. Any estate or interest in proper ty may be acquired, held or conveyed in the name of the limited liability company and title to any estate or interest so acquired shall vest i}{\fs24\lang2057\langfe1033\langnp2057\insrsid4660943 n the limited liability company}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2564457 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 \par \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13896418 {\fs24\lang2057\langfe1033\langnp2057\insrsid13896418\charrsid3697960 12.}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13896418\charrsid3697960 Articles }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid4660943\charrsid3697960 o}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid3697960 f organization}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid3697960 - The articles of organisation shall set forth }{\fs24\lang2057\langfe1033\langnp2057\insrsid1387451 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8799444 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13896418 {\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid4676366 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 the name of the limited liability company}{\fs24\lang2057\langfe1033\langnp2057\insrsid3697960 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13896418 {\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13896418 {\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 (b) the name and business address of the registered agent for service of process as required by section 18; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13896418 {\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10306874 {\fs24\lang2057\langfe1033\langnp2057\insrsid13896418 (c) the period of the duration of the limited liability company, which may be perpetual.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10306874 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid673328 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10306874 13. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10306874\charrsid10306874 Effect of filing of articles of organization}{\fs24\lang2057\langfe1033\langnp2057\insrsid10306874 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (1) A limited liability company is}{\fs24\lang2057\langfe1033\langnp2057\insrsid1049015 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 fo}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1049015 rmed}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 upon the filing of articles of organization, or, as specified in such articles, upon a later date, not more than 90 days after the date of filing with the Registrar, provid ed the Registrar receives the prescribed fee and finds the articles of organisation as delivered conform to this Act. The date of filing shall relate back to the date of delivery, unless the said articles specify a later date. If, for any reason, the Regi s trar finds that the delivered articles do not conform to this Act, including, but not limited to a failure to enclose the filing fee, there shall be no relation back to the date of delivery. The earliest filing date shall be the date that the articles are delivered to the Registrar in a form which conforms to this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid673328\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Nothing in this section shall affect the right of the Registrar to institute proceedings to cancel or revoke the articles of organisation or for the involuntary dissolution of the limite d liability company, or the right of any aggrieved person to maintain an action to enjoin or obtain other relief for a violation of or failure to comply with the provisions of section 9. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 14. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 Appeal from Registrar}{\fs24\lang2057\langfe1033\langnp2057\insrsid4533804 - (1) }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 If the Registrar fails to approve any artic}{\fs24\lang2057\langfe1033\langnp2057\insrsid16194750 les of organisation,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 amendment, or dissolution or any other document required by this Act and declines to file it, he or she shall, within 10 days of its delivery to him or her, give written}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4533804 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 notice of his or her disapp}{\fs24\lang2057\langfe1033\langnp2057\insrsid4533804 roval to the person or limited l}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 ia}{\fs24\lang2057\langfe1033\langnp2057\insrsid4533804 bility company delivering the}{\fs24\lang2057\langfe1033\langnp2057\insrsid5899694 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid4533804 same, specifying the reasons therefor.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5899694 (2) Such person or limited liability company may}{\fs24\lang2057\langfe1033\langnp2057\insrsid10246462 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 appeal the disapproval }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10246462 to }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid4545445 urt and by filing with such Court }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4869556 an }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 application setting forth a copy of the articles or other documents sought to be filed and a copy of th}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13769663 e written }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 disapproval,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13769663 thereof }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 by the}{\fs24\lang2057\langfe1033\langnp2057\insrsid13769663 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Registrar whereupon the matter shall be tried de novo and in camera by the Court, and the Court shall either sustain the action of the Registrar or}{\fs24\lang2057\langfe1033\langnp2057\insrsid13769663 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 direct the Registrar to take such action as the Court deems pro}{\fs24\lang2057\langfe1033\langnp2057\insrsid13769663 per.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13769663\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Appeals from all final orders and judgments entered by the Court pursuant to this section in review of any ruling or decision of the Registrar may be taken as in other civil actions.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6903341\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 15. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6903341 Certificate of Organisation of limited liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6903341 ty co }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6903341 m}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6903341 p}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6903341 an}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6903341 y}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Upon being satisfied that articles of organisation conform with this Act and upon receipt of the filing fee, the Registrar shall issue a certificate of organisation of the limited liability company. The}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12933408 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 fact that the certificate of organisation has been issued by the Registrar is conclusive evidence that the limited liability company is a limited liability company. The articles of }{\fs24\lang2057\langfe1033\langnp2057\insrsid12933408 o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 rganisation filed in respect of that limited liability company shall be evidence of all other facts set forth therein which are required to be set forth in the articles of organisation.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12933408\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12933408 16. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12933408\charrsid12933408 Term}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12933408 and renewal of certificate of organization }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The first certificate of organisation shall be valid for 12 months from the date of f}{\fs24\lang2057\langfe1033\langnp2057\insrsid15945528 i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ling and shall be renewable thereafter for further periods of 12 months from each anniversary of the date of filing, upon}{\fs24\lang2057\langfe1033\langnp2057\insrsid6056430 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 due }{\fs24\lang2057\langfe1033\langnp2057\insrsid6056430 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid6056430\charrsid6428790 odgement}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of the report required by section 20 and payment of the prescribed fee, and a renewal certificate shall be issued by the Registrar within 14 days after }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6056430\charrsid6428790 lodgement}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of the said report and fee.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6056430\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Until such time as a limited liability company is dissolved pursuant to the provisions of this Act, the }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12128985 limited liability}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 company shall continue its corporate existence (without rendering defective any legal or other proceedings instituted against the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7866087 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 limited liability company or affecting any property, rights, powers, authorities, duties, functions, liabilities or obligations of the limited liability company or any other person) notwithstanding that the certificate of organisation of the limited liability company may have expired and not been renewed }{\fs24\lang2057\langfe1033\langnp2057\insrsid4004533 within the time specified in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 this section.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7866087\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7866087 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 7. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5260362 Amendment of articles}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7866087 of organization}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The articles of organ}{\fs24\lang2057\langfe1033\langnp2057\insrsid1387451 isation shall be amended when -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7996124 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) there is a change in the name of the limited liability company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7996124 {\fs24\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7996124 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) there is a false or erroneous statement in the articles of organisation.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7996124 {\fs24\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Unless otherwise provided in a written operating agreement, an amendment to the articles of organisation is invalid unless approved by written consent of all members.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11556897 (3)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 An amendment to the articles of organisation of a limited liability company shall be signed and verified by a manager and may be signed on behalf of a manager by an attorney-in-fact, and duly authorized by a written power of attorney.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid881640 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Duplicate originals of the amendment shall be delivered to the Registrar for filing accompanied by the prescribed fee.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) Unless the Registrar finds that any amendment does not conform to this Act, upon receipt of all prescribed f}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620449 i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ling fees, the articles of organisation shall be amended effective the date of filing. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12272789 (5) At any time after its articles of organisation have }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 been am}{\fs24\lang2057\langfe1033\langnp2057\insrsid7996124 en}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ded a limited liabil}{\fs24\lang2057\langfe1033\langnp2057\insrsid12272789 ity company may by action of its m}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 anagers, without necessity of vote of the members, cause to be prepared a document entitled "Restated Articles of Organisation", which integrates into one document its original articles of organisat}{\fs24\lang2057\langfe1033\langnp2057\insrsid4470544 ion and all amendments thereto,}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 and a copy of the restated articles may be filed with the Register in the manner provided for in section 13.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7996124 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7996124 PART III}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7996124 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7996124 ADMINISTRATION}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7996124 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7996124\charrsid7996124 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 18. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid8658102 Registered agent to be maintained}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Each limited liability company shall ap point and continuously maintain in the Cook Islands a registered agent which shall be a trustee company, for service of process on the limited liability company. The name and business address of the registered agent shall be filed by the registered agent with the Registrar.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9371762\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) If at any time a limited liability company does not have a registered agent in the Cook Islands it shall be deemed suspended and inoperative and subject to the provisions of section 19(5) and section 22.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9371762\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9371762 19. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9371762\charrsid9371762 Change}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9371762 of name or busin ess address of registered agent}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Within 30 days of any change in the name or business address of the registered agent, a limited liability company shall file a report of such change with the Registrar.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9371762\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Such report shall be executed by a manager a nd delivered to the Registrar. If the Registrar finds that the report conforms to the provisions of this Act and if the prescribed filing fee is paid, the Registrar shall file the report in the office of the Registrar, and, upon such filing, any change sp ecified in the report shall become effective.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9371762\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Any registered agent of a limited liability company may resign as agent by delivering an original and one copy of a written notice thereof to the Registrar and, a copy to the manager. The appointment of the agent shall terminate upon the expiration of 30}{\fs24\lang2057\langfe1033\langnp2057\insrsid9371762 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 days after receipt of the notice by the Registrar. Upon the expiration of such 30 days a limited liability company that has not filed a report replacing the registered agent who resigned shall be deemed susp ended and inoperative and subject to the provisions of subsection (4) and section 22. In addition to any other obligations under this Act, reinstatement after action under this section shall include filing such a report to designate a new registered agent .}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) If a registered agent changes its registered business address, it shall, within 15 days of such change, file a report with the Registrar. The registered agent shall submit such a report for each limited liability company for which it is a registered agent and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 shall send a copy of the notice given pursuant to subsection (}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7020313 2}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) to each limited liability company so affected.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (5) Limited liability companies which have been suspended for the preceding 1 year period under the provisions of this section, secti on 18(2) or section 22 shall be dissolved by operation of law without the necessity of any other action.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1325886 20. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1325886 Limited liability com}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid1325886 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1325886 an}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid1325886 y}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1325886 re}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid1325886 p}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1325886 orts}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1325886 - (1) Each limited liability company shall file at the time of its annual renewal of registration as prescribed by this section, a limited liability company report setting forth }{\fs24\lang2057\langfe1033\langnp2057\insrsid1387451\charrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6357158 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the name of the limited liabilit}{\fs24\lang2057\langfe1033\langnp2057\insrsid16059931 y company and, the place}{\fs24\lang2057\langfe1033\langnp2057\insrsid15207293 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 where it is organised;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6357158 {\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6357158 {\fs24\lang2057\langfe1033\langnp2057\insrsid6357158 (b) the name an}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 d business address o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6357158 f the registered agent of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6357158 {\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) The information required shall be given as of the date of the execution of the report, and it shall be executed by a manager or registered agent of the limited liabili ty company, or, if the limited liability company is in the hands of a receiver or trustee, by the receiver or trustee on behalf of the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 21. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 Filing of re}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 ort}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid15207293 I}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 f the Registrar finds that a report conforms to the requirements of t his Act, the Registrar shall receive and file the same. If the Registrar finds that it does not so conform, he or she shall promptly return the same to the limited liability}{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 company for any necessary corrections. No penalty fee for late filing shall be assessed if such report was timely delivered, is corrected to conform to the requirements of this Act, and is returned to the Registrar no later than 30 days from the date the report was delivered or mailed back t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158 o the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 22. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 Failure to }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6357158 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 a}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6357158 y}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 fees and file appropriate re}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6357158 ports - }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 sus}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6357158 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 ended limited liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6357158 ty}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 com}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6357158\charrsid6357158 panie}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6357158 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6357158 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (1) If a limited liability company has failed to pay the fees required by this Act or to fi le any report or statement required by this Act, the Registrar shall give notice to the}{\fs24\lang2057\langfe1033\langnp2057\insrsid13439503 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 limited liability company of such failure to pay or file, or both. Thirty (30) days after the giving of such notice, unless the report or statement with the fee and pen alty, if due, has been delivered and paid to the Registrar, such limited liability company shall be suspended.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) A limited liability company which is suspended under the provisions of this section, section 18(2), or section 19(3) shall be inoperative an d no longer competent to transact business; except that the members of such limited liability company may hold their}{\fs24\lang2057\langfe1033\langnp2057\insrsid13439503 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 annual or special meetings of members for the election of managers, and such limited liability company may hold or continue to hold, encumb er, sell, or convey real estate and make such reports as are required by this Act. The suspension of such limited liability company shall not take away any remedy against such limited liability company, its members, or its managers for any liability incur red prior thereto.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Until dissolved pursuant to section 19(5) or otherwise, any suspended limited liability company may become reinstated, revived, and operative by }{ \fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) paying a prescribed reinstatement fee;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) making and delivering a limited liabi lity company report for the year in which it is to be reinstated and for any prior years for which a report has not been filed;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) paying the late filing penalty; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) if the limited liability company has been suspended under section 18(2) or section 19(3), making and delivering the report replacing a registered agent and paying the prescribed fee due upon filing such report.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13439503 {\fs24\lang2057\langfe1033\langnp2057\insrsid13439503\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) Upon the filing of any such required report and the payment of all such sums due, such suspended and inoperative limited liability company shall thereupon become reinstated, revived, and operative. \par \par 23. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6832815 Service of process}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Any process, notice, or demand required or permitted by law may be served upon any limited liability company by delivering a copy thereof to the registered agent of that limited liability company. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4280420 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 2) Nothing contained i}{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 n thi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 s section shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2063040 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 it}{\fs24\lang2057\langfe1033\langnp2057\insrsid2633948 or }{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 affect the right t }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 serve }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 any proc}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5200472 ess, notice, or demand required }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 or permitted by law to be served upon the limited liability company in any other manner now or hereafter permitted by}{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 law or applicable}{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 rules}{\fs24\lang2057\langfe1033\langnp2057\insrsid14030099 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2063040 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 procedure.}{\fs24\lang2057\langfe1033\langnp2057\insrsid2063040 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 24. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14030099 Filin}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14030099\charrsid14030099 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14030099 service and copying fees}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The Registrar shall charge and collect fees and other charges which shall be determined and collected pursuant to this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14030099\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 25. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8800665 Forms to be prescribed by the}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7748274 Registrar}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Forms required by this Act shall be prescribed by the Registrar and any document, report or form that must be copied to or filed with the Registrar as required by this Act shall be in electronic form or hardcopy as directed by the Registrar.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5980678 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid5980678 PART IV}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5980678 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid5980678 MANAGEMENT}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5980678 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid2189516 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 26. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12981488 Management of limited liability compan}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12981488\charrsid12981488 y}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Unless otherwise provided in writing in the operating agreement, the management of a limited liability company shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid1729717 b}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 e vest}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1671082 ed in its members in proportion}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 to their contributions to the capital of the company, as}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5980678 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 adjusted from time to time to properly reflect any additional contributions or withdrawals by the members.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) If the operating agreement vests management in a manager or managers }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5980678 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the operating agreement of the limited liability company may apporti on management responsibility or voting power among the several managers, if there are 2 or more, in any manner or upon any basis not inconsistent with this Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) the manager or managers, if they are natural persons, shall be 21 years of age or older;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) the manager or managers need not be members of the limited liability company unless the articles of organisation or the}{\fs24\lang2057\langfe1033\langnp2057\insrsid2189516 operating agreement so require;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) The articles of organisation or the operating agreement may prescribe other qualifications for managers. Nothing in this Act shall prohibit members who are natural persons 21 years of age or older or other persons from serving as managers.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5980678 {\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) If management is reserved to the members, management of the limited liability company's business and affai rs shall be vested in the members, and any reference in this Act to managers shall be deemed to refer to members.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5980678\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16476834 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) Except as otherwise provided in the operating agreement, a person who is both a manager and a member of a limited liability company has t he rights and powers of a manager, is subject to the restrictions and liabilities of a manager, and, to the extent of his membership interest, has the rights and powers of a member and i}{\fs24\lang2057\langfe1033\langnp2057\insrsid6703032 s subject to}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5980678 the restrictions }{\fs24\lang2057\langfe1033\langnp2057\insrsid16476834 and liabilities of a member.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16476834\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 27. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 Duties of Mana}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid14896350 ger}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A manager of a limited liability company shall perform his duties as a manager in good faith, in a manner he reasonably believes to be in the best interests of the limited liability company, and with such care as an ordinarily}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 prudent per son in a like position would use under similar circumstances. A person who so performs his duties shall not have any personal liability by reason of being or having been a manager of the limited liability company. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 (2) In performing his}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 duties, a manager shall be entitled to rely on}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 information opinions re}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 por}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 s, or s}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14896350 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 atements of the follow}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 ing persons or groups unless he }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 has knowledge concerning the matter i}{\fs24\lang2057\langfe1033\langnp2057\insrsid14973356 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 question that wo}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14896350 uld cause such reliance to be }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 unwarranted}{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) one or more employees or other agents of the limited liability company whom the manager reasonably believes to be reliable and competent in the matters presented;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) any attorney, public accountant, or other person as to matters which the manager rea sonably believes to be within such person's professional or expert competence; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) a committee upon which he does not serve, duly designated in accordance with a provision of the articles of organisation or the operating agreement, as to a matter within its}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 designated authority, which committee the manager reasonably believes to merit confidence.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 28. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 Manager as agent}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A manager shall have no authority to do any act in }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 c}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ontravention of either the articles of organisation or the operating agreement.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Every manager is an agent of the limited liability company for the purpose of its business, and the act of every manager, including the execution in the limited liability company name of any instrument for carrying on in the usual way the business of} {\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the limited liability company of which he is a manager, binds the limited liability company, unless the manager so acting otherwise lacks the authority to act for the limited liability company and the person with whom he is dealing has knowledge of the fa ct that he has no such authority.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 29. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 Limited liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid14896350 ty }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 comp}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16609374 any}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 property}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Real and personal property owned or purchased by a limited liability company shall be held and owned, and conveyance made, in the limited liability company name. Instruments and do cuments providing for the}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 acquisition, mortgage, or disposition of property of the limited liability company shall be valid and binding upon the limited liability company if executed by one or more managers of a limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 30. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 Business transactions of member or mana}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14896350 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 er with the limited liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14896350 ty}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14896350 company}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - A member or a manager may lend money to, act as surety for, and transact other business with the limited liability company and, subject to other applicable law, has the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 same rights and obligations with respect thereto as a person who is not a member or manager; except that this section shall not be construed to relieve a manager from any of a manager's duties as specified in section 27.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 31. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2979340 Indemnification of members Managers, employees, and a}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid2979340 gents}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A limited liability company shall indemnify every member and manager in respect of payments made and personal liabilities reasonably incurred by that member or manager in}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the ordinary and proper conduct of the limited liability company's business or for the preservation of the limited liability company's business or property.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) A limited liability company may}{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) indemnify and advance expenses pursuant to subsection (1) to an employee or agent of the limited liability company who is not a manager to the same extent as a manager; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) indemnify and advance expenses to an employee or agent of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the limited liability compan}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 y who is not a manager to a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 greater extent than a manager}{\fs24\lang2057\langfe1033\langnp2057\insrsid15073811 if consistent }{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 wi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 th this}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 A}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14896350 c}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 t and}{\fs24\lang2057\langfe1033\langnp2057\insrsid14896350 }{\fs24\lang2057\langfe1033\langnp2057\insrsid14428457 if provided}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 for by its articles of organisation, its operating agreement, or in an agreement with that person.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14896350 {\fs24\lang2057\langfe1033\langnp2057\insrsid14896350\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Subject to any }{\fs24\lang2057\langfe1033\langnp2057\insrsid4325826 p}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 rovision in an operating agreement to the contrary, a limited liability company may purchase and maintain insurance on behalf of a person who is or was a manager, employee, fiduciary, or agent of the limited liability company or who,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1325886 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 while a manager, emplo yee, fiduciary, or agent of the limited liability company, is or was serving at the request of the limited liability company as manager, officer, partner, trustee, employee, fiduciary, or agent of any other limited liability company or any corporation, pa r tnership, joint venture, trust, other enterprise, or employee benefit plan against any liability asserted against or incurred by such person in any such capacity or arising out of such person's status as such, whether or not the limited liability company would have the power to indemnify such person against such liability under the provisions of this section. Any such insurance may be procured from any insurance company designated by the members of the limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5991473\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 32. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid5991473 Records}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Every lim ited liability company shall keep at its registered }{\fs24\lang2057\langfe1033\langnp2057\insrsid14514424 office }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5991473\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5991473 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) a current list of the full name and business, residence, or mailing address of each member and manager;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5991473 {\fs24\lang2057\langfe1033\langnp2057\insrsid5991473\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5991473 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) a copy of the articles of organisation and all amendments thereto;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5991473 {\fs24\lang2057\langfe1033\langnp2057\insrsid5991473\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5991473 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) a copy of any operating agreement.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5991473 {\fs24\lang2057\langfe1033\langnp2057\insrsid5991473\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Such records are subject to inspection and copying at the reasonable request, and at the expense, of any member, and shall be maintained for }{\fs24\lang2057\langfe1033\langnp2057\insrsid2260646 6}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 years following the dissolution of the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261695\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16261695 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2189516 PART V}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16261695\charrsid10164304 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid10164304 DISTRIBUTIONS AND RESIGNATION}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16261695 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16261695\charrsid16261695 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 33. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid16261695 F}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid16261695\charrsid16261695 o}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid16261695 rm of contribution}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The contribution of a member may be in cash, property, or services rendered or a promissory note or other obligation to contribute cash or property or to perform services.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16261695\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 34. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid16261695 Liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16261695\charrsid16261695 ty}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid16261695 for contributions}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A member is obligated to the limited liability company to perform any enforceable promise to contribute cash or property or to perform services, even if that member is unable to contribute that property or perform those services}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13197167 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 because of death, disability, or any other reason. If a member does not make the required contribution o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12604325 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 property or services, that member is obligated at the option of the limited liability company to contribute cash equal to that portion of the value of s uch contribution that has not been made. This right of the limited liability company is in addition to and not in lieu of any other rights that the limited liability company may have against the member under the operating agreement or applicable law. \par \par (2) The obligation of a member to make a contribution or return money or other property paid or distributed contrary}{\fs24\lang2057\langfe1033\langnp2057\insrsid12716996 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 to the provisions of this Act may}{\fs24\lang2057\langfe1033\langnp2057\insrsid12716996 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 be compromised}{\fs24\lang2057\langfe1033\langnp2057\insrsid13197167 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 only by consent in writing of all the members. Notwithstanding the compromise, a creditor}{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of a limited liability company which extends credit or otherwise acts in reliance on the original obligation by the limited liability company may enforce the original obligation against the member as an additional principal obligor to the value of the propert y improperly received by that member or the value of the property, or any property derived from that property, to the member at the time of enforcement of the obligation, whichever is the greater.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13197167\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) No promise by a member to contribute to the limited liability company is enforceable unless set out in writing signed by the member.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13197167\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 35. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14226061 Sharing of profits, losses and distributions}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The profits and losses of a limited liability company shall be allocated among the members and among classes of members on the basis of the value of the contributions made by each member to the extent they have been received by the company and have not been returned.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13197167\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Distributions of cash or other assets of a limited liability compan}{\fs24\lang2057\langfe1033\langnp2057\insrsid12716996 y shall be allocated among the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 members and among classes of members on the basis of the value of the contributions made by each member to the extent they have been received by the company and have not been returned.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13197167\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 36. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14226061 Interim distributions}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Except as provided in this Part, a member is enti tled to receive distributions from a limited liability company before his resignation from the limited liability company and before the dissolution and winding up thereof to the extent and at the times or upon the happening of the events specified in the operating agreement.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9442602\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 37. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9442602 Resignation of member}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Unless prohibited in a written operating agreement, a member may resign from a limited liability company at any time by giving written notice to all the managers, but, if the resignation violates the operating agreement, the limited}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14226061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 liability company may recover from the resigning member damages for breach of the operating agreement and offset the damages against the amount otherwise distributable to him.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 38. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14226061 Interest of member u}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9270810 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14226061 on resignation or withdrawal}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - A member who has resigned or withdrawn shall have no right to participate in the management of the business and affairs of the limited liability company and is entitled only to receive the share of the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14226061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 profits or other compensation by way of income and the return of contributions, to which such member would have been entitled if the member had not resigned or withdrawn.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061 39. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14226061 Distribution in kind}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - A member, regardless of the nature of that member's contributions has no right to demand and receive }{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061 any distribution from a limited liability c}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ompany in any f}{\fs24\lang2057\langfe1033\langnp2057\insrsid4018526 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 rm other than cash. A member may not be compelled to accept a}{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 distribution of any asset in kind from a limited liability company to the extent the asset distributed to him is as a percentage of all the assets distributed to members less than the perc}{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061 entage in whi}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 c}{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061 h}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 shares in distributions from the limited liability company. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14226061 40. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14226061\charrsid14226061 Rig}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14226061 ht to distribution}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - At the time a member becomes entitled to receive a distribution, that member has the status of and is entitled to all remedies available to a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14226061 c}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 reditor of the limited liability company with respect to the distribution. \par \par 41. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13977531 Limitation on distribution}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - A member may n}{\fs24\lang2057\langfe1033\langnp2057\insrsid8602037 ot receive a }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 distributio}{\fs24\lang2057\langfe1033\langnp2057\insrsid8602037 n from a}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 limited liability company to the extent that, after giving effect to the distribution, all liabilities of the limited liability company, other than}{\fs24\lang2057\langfe1033\langnp2057\insrsid8602037 liabilities }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 to}{\fs24\lang2057\langfe1033\langnp2057\insrsid8602037 mem}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 bers on account of their membership interest , would exceed the fair value o}{\fs24\lang2057\langfe1033\langnp2057\insrsid10642639 f the limited liability company}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 assets.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8602037\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 42. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 Liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid11563948 ty}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 upon return of contribution}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) If a member has received the return of any part of his contribution in violation of the operating agreement or this Act, that member is liable to the limited liability company for a period of two years thereafter for the amount of the contribution wrongfully returned.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) A member receives a return of his contribution to the extent that a distribution to him reduces his share of the fair value of the net assets of the limited liability company below the value of his contribution which has not been distributed to him.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 43. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 Admission of additional members}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - After the filing of a limited liability company's original articles of organisation, a person may be admitted as an additional member in either of the following ways }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11563948 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) If he acquires an interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the written consent of all members;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11563948 {\fs24\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11563948 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) If he is an assignee of the interest of a member who has the power as provided in a written operating agreement to grant the assignee the right to become a membe r, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11563948 {\fs24\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 44. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 In}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid11563948 terest in limited liability comp}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 an}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11563948 y}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 - transferability of interest}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The interest of each member in a limited liability company constit utes the personal property o}{\fs24\lang2057\langfe1033\langnp2057\insrsid6434926 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the member}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608265 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Subject to section 45 and except as otherwise provided in the operating agreement, membership rights in a limited liability company may be transferred or assigned in whole or in part. Subject to section 45 and exce pt as otherwise provided in the operating agreement, an assignor ceases to be a member upon assignment of any of the assignor's membership rights.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 45. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 Rights}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11563948 of Creditor agai}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid3235803 nst}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11563948\charrsid11563948 a}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11563948 member}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) In this sectio}{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 n "Creditor" means any person -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10358957\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10358957 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) in whose fa vour a judgment is issued or recognised by the Court against a member of a limited liabil}{\fs24\lang2057\langfe1033\langnp2057\insrsid2189516 ity company; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10358957 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid10358957 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10358957 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) who claims to have a general assignment of a member's property whether ar ising from the intestacy of a member, the bankruptcy of a member or otherwise.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10358957 {\fs24\lang2057\langfe1033\langnp2057\insrsid10358957\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) No membership rights, including any membership interest, and any distribution, return of capital or other payment to a member arising from that member's membership rights, shall be capable of being seized, charged or levied upon or taken in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3829590 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 execution by or under any form of judicial process or otherwise rendered available for the payment of a member's debts or liabilities, nor shall any membership rights, including any membership interest }{ \fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3829590\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3829590 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) pass under a general assignment of the member's property;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3829590 {\fs24\lang2057\langfe1033\langnp2057\insrsid3829590\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3829590 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) become available for the payment of debts of a member}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3829590 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 under an intestac}{\fs24\lang2057\langfe1033\langnp2057\insrsid3829590 y}{\fs24\lang2057\langfe1033\langnp2057\insrsid13264986 ;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3829590 or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16468268 {\fs24\lang2057\langfe1033\langnp2057\insrsid3829590\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3829590 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) pass to a trustee in bankr}{\fs24\lang2057\langfe1033\langnp2057\insrsid9783191 uptcy }{ \fs24\lang2057\langfe1033\langnp2057\insrsid3829590 upon the bankruptcy of a }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 member.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3829590 {\fs24\lang2057\langfe1033\langnp2057\insrsid3829590\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) A Creditor may apply to the Court }{\fs24\lang2057\langfe1033\langnp2057\insrsid5782005 for a charging order in respect}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of any members}{\fs24\lang2057\langfe1033\langnp2057\insrsid3829590 hip interest held by member. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) Subject to subsection (5) a charging order shall entitle the Creditor to receive any distributions, in relation to that membership interes t, in lieu of the member, whether of income or capital, as and when made by the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3829590\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (5) For the purposes of assessing the sum which may be subject to, and recoverable pursuant to, a charging order the Court shall disregard and exclu de any amount which constitutes an award of exemplary, vindictive, retributory or punitive}{\fs24\lang2057\langfe1033\langnp2057\insrsid8401881 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 damages (by whatever name), or is an amount of damages arrived at by doubling, trebling or otherwise multiplying a sum assessed as compensation for loss or damage.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8401881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (6) The charging order remedy given by this section shall be the sole and exclusive remedy available to a Creditor in respect of a member's membership rights.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8401881\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (7) For the avoidance of doubt and without limiting the generality of subsection (6) }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13174626\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13174626 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) a ch arging order shall not be construed to constitute a lien on a member's interest in a limited liability company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid13174626\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13174626 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) the Creditor in whose favour a charging order is issued pursuant to this section shall not thereby become an assignee of any membership interest or any part thereof,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13174626 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 nor shall that Creditor hold or be entitled to exercise any membership rights in relation to that interest;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13174626 {\fs24\lang2057\langfe1033\langnp2057\insrsid13174626\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13174626 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) any member holding any membership interest subject to a charging order shall continue to exercise all his membership rights, and obligations in relation to those}{\fs24\lang2057\langfe1033\langnp2057\insrsid13174626 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 rights, in all respects as if the charging order had not been issued;}{\fs24\lang2057\langfe1033\langnp2057\insrsid13174626 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid13174626 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13174626 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) subsection (6) shall apply whether the limited liability company has a single member or multiple members.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13174626 {\fs24\lang2057\langfe1033\langnp2057\insrsid13174626\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (8) For the avoidance of dou bt and without limiting the generality of subsection (6) and subsection (7), a person in whose favour a charging order has been issued shall have no right to }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) interfere in the manager's management of the limited liability company including any sale of its assets;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) liquidate or seize the assets of the limited liability company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) restrict the business of the limited liability company; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) dissolve, or cause the dissolution of, the limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (9) Except as provided in subsection (10) no interlocutory order including any injunction, or interrogatories,}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 shall be issued, by the Court against a limited liability }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 company in relation to a claim by a Creditor against a member.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (10) An interim charging order may be made }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2122729 ex pa}{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid2122729\charrsid2122729 rt}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2122729 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 provided however any such order shall be effe}{\fs24\lang2057\langfe1033\langnp2057\insrsid1054562 ctive for a term not exceeding 3}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 0 days from the date it is made. On application to the Court prior to the expiration date of an interim charging}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 order the term of the charging order may be extended on notice for further periods not exceeding 30 days from the date the order is made. \par \par (11) For such pe}{\fs24\lang2057\langfe1033\langnp2057\insrsid6694341 riod an interim charging order is }{\fs24\lang2057\langfe1033\langnp2057\insrsid10183614 in place any distributions}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 made in respect of the membership interest subject to the interim charging order shall be paid into the Court and shall be used to satisfy or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 partiall}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 y satisfy any debt }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 owed}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10159986 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11958856 to a }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Cred itor in whose favour a charging order has been issued pursuant to this section, but otherwise shall be paid out to the member entitled thereto.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (12) Subject to subsection (10) in respect of an interim charging order a charging order shall be non-renewable and shall expire 5 years after the date of its making.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (13) No foreign interlocutory o}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 rder (including any injunction, }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 or order for discovery or interrogatories) against a limited liability company relating to a claim by a Creditor against a member shall be recognized or given effect by the Court.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (14) Notwithstanding the provisions of any statute, or any rule of law to the contrary, no proceedings for or in relation to the enforcement or recognition of a judgment obtained in a jurisdiction other than the Cook Islands against a member's}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10159986 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 membership rights or any part thereof, including a membership interest, shall be in any way entertained, recognised or enforced by the Court to the extent the judgment purports to deprive a member of any membership rights o r to charge, mortgage, levy, attach, assign or in any other way to affect that member's enjoyment of those membership rights.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (15) Any member may apply for the discharge of a charging order and the}{\fs24\lang2057\langfe1033\langnp2057\insrsid10244421 }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 Court -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) shall discharge the charging order where it is satisfied the Creditor has been paid all sums payable under the charging order; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) may discharge the charging order where it is satisfied the circumstances giving rise to the charging order have changed such that it is just and proper to discharge the charging order.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (16) Where in any proceedings filed by a Creditor in the Court a valuation of a member's membership interest may be relevant to the determination of any matter or issue before the Court }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the value attributable to that membership interest shall for all purposes be the same as the value of the membership rights of that limited liability company to that member; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10159986 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) no regard shall be had to th}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 e restrictions contained in sub}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 section (2).}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10449720 {\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2888797 17) Where a Creditor in whose favour a charging order has been issued pursuant to this section has received a distribution payable to the member whose membership interest has been charged, and an order is made for repayment}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of that}{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 distribut ion to the limited liability company, the Creditor and not the member shall be liable to make that payment to the limited liability company in the same proportion the repayment required bears to the amount of the distribution the Creditor received.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10159986\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (18) N othing in this section shall affect the limited liability company's ability to make calls upon its members where its operating agreement so provides and for the limited liability company to meet that call from a distribution otherwise payable to a member. \par \par 46. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1778634 Deceased or incom}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1778634\charrsid1778634 p}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1778634 etent members who are individuals - dissolved or terminated members who are legal entities}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) If a member who is an individual dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her}{\fs24\lang2057\langfe1033\langnp2057\insrsid1778634 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 person or property, the member's executor, administ}{\fs24\lang2057\langfe1033\langnp2057\insrsid1778634 rator, guardian, or other legal r}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ep}{\fs24\lang2057\langfe1033\langnp2057\insrsid1778634 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 esentative}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1778634 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 may}{\fs24\lang2057\langfe1033\langnp2057\insrsid1778634 exercise}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 all the powers of an assignee or transferee of the member. \par \par (2) If}{\fs24\lang2057\langfe1033\langnp2057\insrsid1778634 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid16600680 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 member is a corporation, trust, or other entity and is dissolved}{\fs24\lang2057\langfe1033\langnp2057\insrsid16600680 or terminated, the legal r}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 epresentative or successor}{\fs24\lang2057\langfe1033\langnp2057\insrsid16600680 of the member may exercise all of }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the powers of an assignee}{\fs24\lang2057\langfe1033\langnp2057\insrsid16600680 or transferee of the member.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16600680\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Upon death, incompetency, dissolution, or termination as}{\fs24\lang2057\langfe1033\langnp2057\insrsid10449720 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 contemplated in subsections (1) or (2), the member's interest shall be deemed transferred or assigned for purposes of section 44.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10449720\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 47. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid10449720 Liabili}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10449720\charrsid10449720 ty}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid10449720 of members and managers}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Members and managers of a limited liability company shall not be personally liable under a judgment, decree, or order of a court, or in any other manner, for a debt, obligation, or liability of the limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10449720\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 48. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid10449720 Information and Accounting}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - A member, but not a creditor of a member of a limited liability company shall have the right to }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16140875\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) inspect and copy limited liability company records, as provided by section 32;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid16140875\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) obtain from the manager or managers from time to time, subject to such reasonable standards as may be set forth in the operating agreement or otherwise established by the}{\fs24\lang2057\langfe1033\langnp2057\insrsid16140875 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 manager or managers, upon reasonable demand for any purpose reasonably related to the member's interest as a member }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid16140875\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (i) true and full information regarding the state of the business and financial condition of the limited liability company and any other}{\fs24\lang2057\langfe1033\langnp2057\insrsid16140875 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 information regarding the affairs of the limited liability company; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid16140875\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (ii) promptly after becoming available, a copy of the limited liability company's income tax returns for each year; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid16140875\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) have an accounting of limited liability company affairs whenever circumstances render it just and reasonable.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16140875 {\fs24\lang2057\langfe1033\langnp2057\insrsid16140875\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13259219 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13259219 PART VI \par DISSOLUTION}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13259219 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13259219\charrsid13259219 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 49. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13259219 Dissolution}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A limited liability company organised under this Act shall be dissolved upon the occurrence of any of the following events }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13259219\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259219 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) by the unanimous written agreement of all members and managers; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13259219 {\fs24\lang2057\langfe1033\langnp2057\insrsid13259219\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259219 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) at the time or upon the occurrence of eve}{\fs24\lang2057\langfe1033\langnp2057\insrsid13259219 nts specified in writing in the}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 articles of org}{\fs24\lang2057\langfe1033\langnp2057\insrsid7033517 anisation }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 or operating agreement of the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13259219 {\fs24\lang2057\langfe1033\langnp2057\insrsid13259219\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) As soon as possible following the occurrence of any of the events specified in this section effecting the dissolution of the limited liability company, the limited liability company shall execute a statement of intent to dissolve in such form as sh all be}{\fs24\lang2057\langfe1033\langnp2057\insrsid8020356 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 prescribed by the Registrar. The statement of intent to dissolve shall be executed by a manager of the limited liability company. \par \par 50. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8020356 Execution by}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid8020356 judicial act}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Any person who }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2189516 is }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 adversely affected by th}{\fs24\lang2057\langfe1033\langnp2057\insrsid8020356 e }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2888797 failure or refusal of any }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 limited liability company to execute and file any amendment, statement of intent to dissolve}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8020356 , or other document to be filed under t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 his Act may petition t}{\fs24\lang2057\langfe1033\langnp2057\insrsid8020356 h}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 e Court to direct the execution and fling of the amendment, statement of intent to dissolve, or}{\fs24\lang2057\langfe1033\langnp2057\insrsid8020356 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 other document. If the Court finds that it is proper for the amendment, statement of intent to dissolve, or other document to be executed and filed and that there has been a failure}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8020356 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 or refusal to execute and file such document, it shall order the Registrar to re cord an appropriate amendment, statement of intent to dissolve, or other document.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8020356\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 51. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid8020356 Filing of statement of intent to dissolve}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The statement of intent to dissolve shall be delivered to the Registrar.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6637586\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) The filing of the statement of intent to dissolve shall not affect the limited liability of the members.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6637586\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 52. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6637586 Effect of filing a statement of intent to dissolve}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Upon the fling with the Registrar of a statement of intent to dissolve, the limited liability company shall cease to carry on its busin ess, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until articles of dissolution have been f}{\fs24\lang2057\langfe1033\langnp2057\insrsid1330068 i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 led with the Registrar or until a decree dissolving the limited liability company has been entered by the Court.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5901124\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 53. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid5901124 Distribution of assets upon dissolution}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - In settling accounts after dissolution, the assets of the limited liability}{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 company shall be distributed -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14428524\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14428524 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) to creditors, including members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the limited liability company other than liabilities for distributions to members under section 36 or 38;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14428524 {\fs24\lang2057\langfe1033\langnp2057\insrsid14428524\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14428524 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) to members and former members of the limited liability company in satisfaction of liabilities for distributions under section 36 or 38; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14428524 {\fs24\lang2057\langfe1033\langnp2057\insrsid14428524\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14428524 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) to members of the limited liability company for the return of their contributions and respecting their membership interests in the proportions in which the members share in distributions.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14428524 {\fs24\lang2057\langfe1033\langnp2057\insrsid14428524\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 54. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11798072 Articles of dissolution}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - When all debts, liabilities, and obligations have been paid and discharged or adequate provision has been made therefore and all the remaining property and assets have been distributed to the members, articles of dissolution shall be executed in duplicate and verified by the person signing the statement, which statement shall set forth }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the name of the limited-liability company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid9789645\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) that a statement of inten t to dissolve the company has been filed with the Registrar and the date on which such statement was filed;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid9789645\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) that all debts, obligations, and liabilities have been paid and discharged or that adequate provision has been made therefore;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid9789645\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) that all th e remaining property and assets have been distributed among its members in accordance with their respective rights and interests; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid16659273 (e}{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645 ) }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 that there are no suits}{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645 pending against the company in}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 any}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9789645 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 court or that a}{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645 dequate provision has been made }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 for}{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 satisfaction of any judgment, order, or decree wh}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9789645 ich }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 may be }{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645 e}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ntered against it in any pending suit.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9789645 {\fs24\lang2057\langfe1033\langnp2057\insrsid9789645\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 55. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9789645 Fili}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9789645 ng }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9789645 articles of dissolution}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Articles of dissolution shall be delivered to the Registrar.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9789645\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Upon the filing of such articles of dissolution, the existence of the limited liability company sh}{\fs24\lang2057\langfe1033\langnp2057\insrsid15089302 all cease, except for}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the purpose of suits, other proceedings, and appropriate action as provided in this Act. The manager or managers in office at the time of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15089302 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 dissolution, of those which remain, shall thereafter be trustees for the members and creditors of the dissolved limited liability company and as such shall have authority to distribute any company property discovered after dissolution, convey real es tate, and take such other action as may be necessary on behalf of and in the name of such dissolved limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15089302\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 56. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid1971336 Involuntary dissolution}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A limited liability company may be dissolved involuntarily by a decree of the Court in an action filed by the Registrar when he or she believes that }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the l}{\fs24\lang2057\langfe1033\langnp2057\insrsid8659311 imi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ted liability company procured its articles of organisation through fraud; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) th e limited liability company has continued to exceed or abuse the authority conferred upon it by law.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) The Court shall have full power to liquidate the assets and business of a limited liability company } {\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) in an action by a creditor of the limited liability company }{ \fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (i) when the claim of the creditor has been reduced to judgment and an execution thereon returned unsatisfied and it is established that the limited liability company is insolvent; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (ii) when the limited liability company has admitte d in writing that the claim of the creditor is due and owing and it is established}{\fs24\lang2057\langfe1033\langnp2057\insrsid1008348 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 that the limited }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7222816 liability company is insolvent; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7222816 {\fs24\lang2057\langfe1033\langnp2057\insrsid7222816 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7222816 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) upon application by a limited liability company which has filed a statement of intent to dissolve as provided in this Act, to have its liquidation continued under the supervision of the Court;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1008348 {\fs24\lang2057\langfe1033\langnp2057\insrsid1008348\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12936264 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) when an action has been filed by the Registrar to diss olve a limited liability company and it is established that liquidation of its business and affairs should precede the entry of a decree of dissolution.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12936264 {\fs24\lang2057\langfe1033\langnp2057\insrsid12936264\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7807622 57. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7807622 Notification}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid12936264 of dissolution}{\fs24\lang2057\langfe1033\langnp2057\insrsid12936264 - (1}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) When the Registrar believes that a limited liability company has given any cause for dissolution, the Registrar shall concurrently give notice to the limited liability company at its registered office setting out his or her grounds for such belief and the actio}{\fs24\lang2057\langfe1033\langnp2057\insrsid4072835 n }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12936264 he or she proposes to take.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12936264\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12936264 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 2) If, before acti}{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904 on is filed by the Registrar pursuant }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 to section 56(}{\fs24\lang2057\langfe1033\langnp2057\insrsid2189516 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904 )(c)}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904 or (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the limited liability company appoints or maintains a registere}{\fs24\lang2057\langfe1033\langnp2057\insrsid6489633 d agent as provided in this Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 and files with the Registrar t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11674904 he required statement of change }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of registered of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904 fice or }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 registered agent, together with any fees payable, the Registrar shall not file an action against the limited liability company for such cause.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) If, after action is filed pursuant to section 56(1}{\fs24\lang2057\langfe1033\langnp2057\insrsid2189516 )}{\fs24\lang2057\langfe1033\langnp2057\insrsid6912505\charrsid6428790 (}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 c) or (d), the limited liability company appoints or mai ntains a registered agent as provided in this Act and files with the Registrar the required statement of change of registered office and pays all}{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 outstanding fees and the Registrar's costs in the action as determined by the Court, the Court shall dismiss the action filed by the Registrar. \par \par 58. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11674904 Venue and process}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) Every action for the involuntary dissolution of a limited liability company brought by or on behalf of the Registrar shall be commenced and be served as in other civil actions.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) If process is returned addressee not found, the Registrar shall cause publication to be made as directed by the Court.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11674904 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11674904 PART VII \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11674904 TRANSFER OR DOMICILE TO COOK ISLANDS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11674904 }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11674904 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid11674904 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 59. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11674904 Definitions}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - As used in this Part and Part VIII, unless the context otherwise requires, the term }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3042132 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "foreign domicile" means a jurisdiction other than the Cook Islands in which a limited liability company has been formed;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3042132 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 "articles of organisation" means such docum ent filed in the foreign domicile that serves the same purposes as do articles of organisation in the Cook Islands.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid11674904\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 60. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid15606015 When transfer of domicile permitted}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Any foreign limited liability company may, subject to and upon compliance with the further provis ions of this Part, transfer its domicile into the Cook Islands and may perform the acts described in the provision of this Part, so long as the laws of the foreign domicile do not expressly prohibit such transfer.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2326331\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 61. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2326331 Application to transfer domicile}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - An y foreign limited liability company may apply for permission to transfer its domicile to the Cook Islands by filing with the Registrar an application to transfer domicile which shall be executed in accordance with section 63 and filed with the Registrar, together with }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6296978\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6296978 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) a certificate evidencing its existence issued by an authorised officer of the foreign domicile; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6296978 {\fs24\lang2057\langfe1033\langnp2057\insrsid6296978\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6296978 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) a copy of the articles of organisation, with amendments, if any, certified as a true and correct copy }{\fs24\lang2057\langfe1033\langnp2057\insrsid3042132 of the original by a }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 manager of the limited liability company, and if said}{\fs24\lang2057\langfe1033\langnp2057\insrsid6296978 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 documents are not in English, a translation thereof under oath of the translator.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6296978 {\fs24\lang2057\langfe1033\langnp2057\insrsid6296978\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 62. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6296978 Contents of application to transfer domicile}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - An application to transfer domicile must be made through a trustee company and must contain}{ \fs24\lang2057\langfe1033\langnp2057\insrsid923977 }{\fs24\lang2057\langfe1033\langnp2057\insrsid1325886 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid923977\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the date on which, and the jurisdiction where, the foreign limited liability company was formed, organised, created or}{\fs24\lang2057\langfe1033\langnp2057\insrsid923977 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid923977 therwise came into existence;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid923977 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 all debts, liabilities and other obligations of the re-domiciling foreign limited liability compan}{\fs24\lang2057\langfe1033\langnp2057\insrsid923977 y continue as obligations of }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the limited liability company; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid923977 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 an action or proceedi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid923977 ng pending by or against the re-}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 domiciling foreign limited liability com pany may be continued as if the company had not re-domiciled and any judgment shall be enforceable against the limited liability company in the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid923977\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid923977 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 except as prohibited by other law, all the rights}{\fs24\lang2057\langfe1033\langnp2057\insrsid923977 privileges, }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 immunities, powers and purposes of the re-domiciling foreign limited liability company are vested in the limited liability company; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid923977\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) all of the members of the re-domiciling foreign limited liability company continue as members of the limited liability company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid923977 {\fs24\lang2057\langfe1033\langnp2057\insrsid923977\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) The transfer of domicile of any foreign limited liability company to the Cook Islands shall not be deemed to affect any obligations or liabilities of the foreign limited liability company incurred prior to such transfer.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid923977\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 66. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid923977 Applicable law}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The filing of an application to transfer domicile shall not affect the choice of law applicable to prior obligations and rights of the limited liability company, except that from the date the application to transfer domicile is filed, the laws of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1325886 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the Cook Islands, subject to and in cluding the provisions of this Act, shall apply to the limited liability company to the same extent as if the limited liability company had been originally organised as a Cook Islands limited liability company on that date and title to the limited liabili ty company's assets shall also be governed by Cook Islands law.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2314780\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2314780 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2314780 PART VIII \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2314780 TRANSFER OF DOMICILE FROM THE COOK ISLANDS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15991888 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15991888\charrsid2314780 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 67. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid15991888 Departure}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Any limited liability company formed, organised, created, or otherwise existing under or subjec t to this Act may become domiciled in any foreign jurisdiction upon compliance with this Act and the laws of the jurisdiction into which the limited liability company seeks to become domiciled.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15991888\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 68. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid15991888 Certificate of departure}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Any limited liability company wishing to domicile in a foreign jurisdiction shall submit for filing with the Registrar a certificate of departure which shall be executed in the same manner as an application to transfer domicile. The certificate}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1325886 of departure shall set forth -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10158892\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10158892 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the n ames and addresses of the limited liability company's creditors and the total amount of its indebtedness to such creditors, and the names and addresses of all persons or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10158892 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 entities which have notified the limited liability company}{\fs24\lang2057\langfe1033\langnp2057\insrsid14438093 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 in} {\fs24\lang2057\langfe1033\langnp2057\insrsid14438093 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 writing of a claim in excess of $1,000 and the total amount of such claims;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10158892 {\fs24\lang2057\langfe1033\langnp2057\insrsid10158892\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10158892 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) that the intended departure from the Cook Islands and transfer of domicile to a foreign jurisdiction is unlikely to be detrimental to the rights or property interests of any creditor of or claimant against the limited liability company; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10158892 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) the name of the fore}{\fs24\lang2057\langfe1033\langnp2057\insrsid10158892 ign limited liability company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10158892 {\fs24\lang2057\langfe1033\langnp2057\insrsid10158892\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1513494 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) the name the foreign limited liability}{\fs24\lang2057\langfe1033\langnp2057\insrsid10158892 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 company wi}{\fs24\lang2057\langfe1033\langnp2057\insrsid10158892 ll be }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 adopting upon being re-dom}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10158892 iciled in the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid10158892\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1513494 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) a declarat ion by a manager that the transfer of domicile has been approved by all necessary action required by law and by the limited liability company's articles of organization and operating agreement;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid1513494\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1513494 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) a declaration by a manager that the transfer of domicile is made in good faith and will not serve to hinder, delay or defraud existing members, creditors, claimants, law enforcement agencies, or other interested parties;}{\fs24\lang2057\langfe1033\langnp2057\insrsid1513494 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1325886 {\fs24\lang2057\langfe1033\langnp2057\insrsid1513494 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1513494 {\fs24\lang2057\langfe1033\langnp2057\insrsid1513494 (f) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the name and address of the limited liability company's intended registered agent in the Cook Islands; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid1513494\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1513494 {\fs24\lang2057\langfe1033\langnp2057\insrsid1513494 (g}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) the amendments of its articles of organisation or their equivalent, that are to be effective upon filing the application to transfer domicile.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1325886 {\fs24\lang2057\langfe1033\langnp2057\insrsid1513494\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 63. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid8926386 Execution of a }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid5406506 app}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid8926386 lication to transfer domicile}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The application to transfer domicile shall be in English and shall be signed by a manager or the proposed registered agent in the Cook Islands of the limited liability company or any other person performing}{\fs24\lang2057\langfe1033\langnp2057\insrsid5406506 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 functions equivalent to those of a manager, however named or described and who is authorised to sign such application to transfer domicile on behalf of the limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5406506\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 64. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid5406506 Transfer and certificate of transfer of domicile}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Upon the filing of the application to transfer domicile and the documents referred t o in sections 61 and 62, together with the fees prescribed, if the Registrar shall find that such documents are in}{\fs24\lang2057\langfe1033\langnp2057\insrsid5406506 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 proper form and satisfy the requirements of this part, and if the name of the limited liability company meets the requirements of section 9, then the Registrar shall deliver to the limited liability company a certificate of transfer of domicile and the limited liability company shall become domiciled in the Cook Islands as a limited liability company of the Cook Islands and shall thereafter be subject to all provisions of this Act and the limited liability company shall be deemed to have commenced its existence on the date the limited liability company was first formed, organised, created or otherwise came into existence. The limited liability company shall promptly adapt its operating agreement, its registration, management and records to comply with this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10500949\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 65. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid7427726 Prior obligations and liabilities}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) A foreign limited liability company that has been re-domiciled pursuant to this}{\fs24\lang2057\langfe1033\langnp2057\insrsid7427726 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 before being re-domiciled. }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7427726 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7427726\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Upon a limited liability company being r}{\fs24\lang2057\langfe1033\langnp2057\insrsid7427726 e-}{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 domiciled in the Cook Islands - }{\fs24\lang2057\langfe1033\langnp2057\insrsid7427726 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7427726 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) all property owned by the re-domiciling foreign limited liability company is vested in the limited liability company}{\fs24\lang2057\langfe1033\langnp2057\insrsid7427726 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 without further act or deed. If deeds or other documents evidencing ownership or title must be filed in any jurisdiction, such document shall be filed only to give notice that the name and form of owner of such property has been changed, and not to eviden ce or record a change of owner or title holder;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14176365 {\fs24\lang2057\langfe1033\langnp2057\insrsid14176365\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid20015 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) that the limited liability comp}{\fs24\lang2057\langfe1033\langnp2057\insrsid13196789 any at }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14176365 the time of application t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 o the foreign jurisdicti}{\fs24\lang2057\langfe1033\langnp2057\insrsid3221076 on is not in breach of }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14176365 any duty o}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid14176365 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 obligation imposed upon}{\fs24\lang2057\langfe1033\langnp2057\insrsid20015 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 it by this Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid20015 or any }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid20015 ther }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 law of}{\fs24\lang2057\langfe1033\langnp2057\insrsid20015 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid20015 Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid20015 {\fs24\lang2057\langfe1033\langnp2057\insrsid20015\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid20015 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) that the transfer of domicile to the foreign jurisdiction is made in good faith and will n}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4609329 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 t serve to hinder, delay or defraud existing members, law enforcement agencies or other interested parties;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid20015 {\fs24\lang2057\langfe1033\langnp2057\insrsid20015\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid20015 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) a consent and agreement by the limited liability company that it may be served with process in the Cook Islands in any proceeding arising out of actions or omissions occurring prior}{\fs24\lang2057\langfe1033\langnp2057\insrsid20015 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 to its departure from the Cook Islands which agreement shall include the appointment of the Registrar as the agent of the limited liability company to accept such service of process and shall get forth an address to which a copy of such process shall be forwarded by mail.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid20015 {\fs24\lang2057\langfe1033\langnp2057\insrsid20015\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 69. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid20015 Effective date of departure}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Upon payment of all fees outstanding in the Cook Islands and upon proper compliance with this Act for transfer of domicile to the foreign }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15338458 j}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 urisdiction, the departing limited liability company shall notify the Registrar as to}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15338458 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the effective date of the tr ansfer of domicile outside of the Cook Islands. As of the date of such transfer to the foreign jurisdiction, the limited liability company shall be deemed to have ceased to be a limited liability company domiciled in the Cook Islands.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15338458\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15338458 70. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15338458\charrsid15338458 Jurisdiction of}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid15338458 Court after departure}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Nothing in this Part shall obviate, diminish or affect the jurisdiction of the Court to hear and determine any proceeding commenced therein by or against the limited liability company arising out of actions or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330670 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 omissions which occurred before the limited liability company ceased to be domiciled in the Cook Islands.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330670 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid2120394 PART IX \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid2120394 MISCELLANEOUS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330670 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid13330670 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 71. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330670 No action to lie a}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid13330670 ga}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330670 inst certain persons}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - No action shall lie against the Government or any statutory body or authority of the Cook Islands, the Queen's Representative, any Minister, judge or any public official in respect of anything done or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330670 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 omitted in exercise or purported exercise in good fa ith by the Queen's Representative, Minister, judge or any public official of his or her functions or duties under this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 72. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid13330670 Confidentiality}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) All proceedings other than criminal proceedings, relating to limited liability companies commenced in the Court either under the provisions of this }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670 Act or for the purpose solely of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 determining the rights or obligations of members,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 managers or registered agents and any appeal from a decision therein shall be heard }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330670 in}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 }{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid13330670 camera}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 and except as provided in subsection (2), no details of the proceedings shall be published by any person. \par \par (2) Every decision of the Court in respect}{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670 of proceedings concerning the }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 application or interpretation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330670 of this Act shall be published or reported for the purp}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ose of affording a record of those proceedings, provided tha}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330670 t in }{\fs24\lang2057\langfe1033\langnp2057\insrsid14236158 every }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 case}{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4205802 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) the decision of the Court shall be edited to such extent as}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13330670 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 shall be necessary to preserve con}{\fs24\lang2057\langfe1033\langnp2057\insrsid12155536 fidentiality in respect of the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 identity of the limited liability company and every member, manager, registered agen}{\fs24\lang2057\langfe1033\langnp2057\insrsid4205802 t and registered office thereof; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4205802 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13330670 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid10226047 (b) no such report shall be reported or published unless and until the Court shall have ascertained the views of the parties to the procee dings as to the adequacy of the editing undertaken and has certified to the Registrar of the Court that the decision as edited may be released for publication or reporting.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13330670 {\fs24\lang2057\langfe1033\langnp2057\insrsid13330670\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Where - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13330670 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) in any proceedings for dissolving a limited liability company the Court is satisfied that the company or any member}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 or manager thereof has failed to comply with any provision of this Act; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) a limited liability company or any member or manager thereof is convicted by the Court of any offence under this Act,}{\fs24\lang2057\langfe1033\langnp2057\insrsid2193655 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2193655 {\fs24\lang2057\langfe1033\langnp2057\insrsid2193655 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the Co urt may, if it thinks fit, order that the records and registers of that company are to be deposited with the Registrar and that such records, books and registers and the entries in the Registrar's registers and records relating to that company are to be o pened to public inspection.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) Any person or entity who}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 whether in or beyond the Cook I}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 slands with respect to a limited liability company - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) divulges;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) attempts, offers or threatens to divulge;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) incites, abets, counsels or procures any person to divulge; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) is a party to the divulging of any information or communication in respect of, in relation to or concerning }{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (i) the membership of or beneficial ownership of any interest in a limited liability company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (ii) the identity of any membe r of a limited liability company or the interest (legal or beneficial) of any such member in such a company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (iii) the management of a limited liability company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (iv) any of the business, financial or other affairs or transactions of a limited liability company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (v) the assets or liabilities }{\fs24\lang2057\langfe1033\langnp2057\insrsid13909953 of a limited liability company; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13909953 {\fs24\lang2057\langfe1033\langnp2057\insrsid13909953 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (vi) the existence of, or the contents of any documentation held by the limited liability company, shall be guilty of an offence against this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (5) Notwithstanding subsection (4), an offence shall not be committed where information is divulged or made available to the extent reasonably }{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 required in the circums}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4283312 tances -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) by a manager or registered agent of a limited liability company to the Regis trar or the Minister for the purpose of complying with, or facilitating the giving effect to of the provisions of this Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) by any person making disclosures for the purpose of d}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9506014 ischarging any duty, performing }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 any}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 f}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 unction}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9506014 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 exercising any power under any Ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 t or regulation;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) by a manager or registered agent of a limited liability}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9506014 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 company to any person for the purpose of carrying on the business of the company or is otherwise in the best interests of members; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) by any person to a member, manag er or registered agent of a limited liability company or to a trustee company in the course of the performance of the duties of that member, manager or registered agent;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) by a manager or registered agent of a limited liability company to any other pers on where all of the members of that company consent to such disclosure;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (f) by a manager or registered agent of a limited liability company to a legal practitioner, accountant, auditor or other advisor for the purpose of obtaining advice for the benefit of the company, that manager or registered agent.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (6) Nothing in this section shall prevent the Court from requiring any person to produce documents or to give evidence in any criminal proceedings or in any civil proceedings of any facts relevant in such proceedings in the Court.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9506014 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (7) In recognition of the desirability of maintaining confidentiality in respect of the activities of all limited liability companies organised under this Act, the Minister shall be obliged to do all things which in his or her opi nion are necessary to give full effect to the provisions of this section.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (8) This section shall bind all instrumentalities of the Gove}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 r}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ent of the Cook Islands in their executive, legislative and judicial capacities. \par \par 73. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9506014 Guarantee }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9506014 by Crown}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The Crown guarantees to every limited liability company that there shall be no compulsory acquisition or expropriation of the property of a limited liability company, or its members, managers, registered agent or investors situ}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9506014 ated in the Cook Islands e}{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 xcept -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) in accordance with the due process of law; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) for a public purpose defined by law; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) subject to payment of compensation as defined by law.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9506014 {\fs24\lang2057\langfe1033\langnp2057\insrsid9506014\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 74. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9506014 Form of company registers and records}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Any register, records, accounts or documents required to be kept by a }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036 l}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 imited liability company pursuant to this Act may be kept in written, magnetic, electronic or any other data storage form, provided that the limited liability company can readily produce legible printed evidence of its contents.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14424036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 75. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14424036 Regi}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14424036 stered auditors}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The Registrar may appoint any person firm or company to be a registered auditor of limited liability companies.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Except as provided by subsection (3), no person or company shall perform the duties of auditor of a limited liability company unless registered pursuant to subsection (1).}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Notwithstanding subsection (2), every person who is approved as an auditor pursuant to section 10 of the International Companies Act 1981-82 shall be deemed to have been appointed as an auditor pursuant to subsection (1).}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (4) The Registrar may revoke any appoint}{\fs24\lang2057\langfe1033\langnp2057\insrsid15213503 ment }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036 made under subsection (1).}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (5) The }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036 Registrar shall keep a register of }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 reg}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10628404 istered }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036 auditors of limited}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 liability companies.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (6) The annual fee for registration as a registered auditor of limited liability companies shall be prescribed by Order in Executive Council.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (7) No limited liability company or person shall appoint a person or company as auditor of a limited liability company unless the person or company to be appointed auditor has prior to such appointment consented in writing to act as an auditor.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 76. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid14424036 Application of other Acts to limited liability companies}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16325215 - (1) Subject to sub}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 section (2), no enactment of the Cook Islands other than this Act and the enac}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14424036 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 men}{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 s set out in the First Schedule to this Act, or any regulation, by-law or rule made thereunder shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid14424036 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) impose }{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (i) any liability, duty, responsibility, obligation or restriction;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2189516 {\fs24\lang2057\langfe1033\langnp2057\insrsid14424036\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (ii) any fee, impost, tax, levy, dues, duty or excise; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (iii) any fine or penalty on }{\fs24\lang2057\langfe1033\langnp2057\insrsid2189516 a limited liability company; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid163060 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) require }{\fs24\lang2057\langfe1033\langnp2057\insrsid4283312 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (i) the deposit of any moneys in any public account by;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (ii) the filing of any accounts, returns, reports or records by; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (iii) the licensing or registration of a limited liability company.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) Notwithstanding subsection (1), a limited liability company shall not be required to register as a foreign enterprise pursuant to the provisions of the Development Investment Act 1995-96 and shall not be subject to that Act by reason only that it }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4283312 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) carries on business with another limited liability company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid163060 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) carries on business with an international company incorporated pursuant to the International Companies Act 1981-82;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) carries on business with a foreign company registere d pursuant to the International Companies Act 1981-82;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (d) carries on business with an international partnership formed pursuant to the International Partnership Act 1984;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (e) carries on business with an international trust registered pursuant the International Trusts Act 1984;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (f) obtains legal or other professional or specialist advice or services;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (g}{\fs24\lang2057\langfe1033\langnp2057\insrsid16590792 ) obtains accounting advice or h}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 as its accounts audited;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (h) operates a bank account for the purposes of investment or depositing, receiving or transmitting money due or owing by the company, or undertakes transactions with a bank for purposes associated with the company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (i) utilises the services of a trustee company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060 (j)}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 undertakes such other activity as may be prescribed by regulation.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid11953115 3}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 ) Every limited liability company may sue and be sued in the Court and except as provided by this Act, shall be subject to the Judicature Act 1980-81 and to every regulation or rule mad e under that Act and to all other rules of procedure of the Court}{\fs24\lang2057\langfe1033\langnp2057\insrsid163060 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 whether provided for under or by virtue of enactment or made by the Court in its inherent jurisdiction. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060 77. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid163060\charrsid163060 Con}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid163060 struc}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid163060 ti}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid163060 on and application}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - (1) The r}{ \fs24\lang2057\langfe1033\langnp2057\insrsid163060 ule that statutes in derogation }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of the co}{\fs24\lang2057\langfe1033\langnp2057\insrsid5068593 mmon law are to b}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid5068593 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 strictly construed shall have n}{ \fs24\lang2057\langfe1033\langnp2057\insrsid163060 o application to this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (2) It is the policy of this Act to give the maximum effect to }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060 the principle }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 of freedom of contract and to the enforceability of limited liability company agreements.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (3) Unless the context otherwise requires, as used herein, the singula}{\fs24\lang2057\langfe1033\langnp2057\insrsid16584130 r shall include the plural and }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 the plural may refer to the singular. The use of any gender shall be applicable to all genders. The captions contained herein are for the purposes of conve nience only and shall not control or affect the construction of this Act. \par \par 78. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid163060 Offences and penalty}{\fs24\lang2057\langfe1033\langnp2057\insrsid11953115 - Every person who -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (a) does any thing which is prohibited by this Act; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (b) omits to do any thing that is required by or directed by t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid163060 hi}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 s Act; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (c) knows or ought to have known he or she was making or who without due inquiry at the relevant time makes any material misrepresentation in any document required to be filed with the Registrar under this Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7276863 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 commits an offence and shall be liable on conviction to a fine not exceeding $10,000 or to impriso}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16584130 nment for a teen not exceeding 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 year, or to both such fine and imprisonment.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060 79. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid163060\charrsid163060 Reg}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid163060 ulations}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid11953115 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - Without limiting the power of the Registrar to prescribe form s the Queen's Representative may by Order in Executive Council promulgate regulations in respect of any matter contemplated by this Act or for the due administration thereof, including the fees and charges to be paid under this Act.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 80. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid163060 Conse}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid163060\charrsid163060 q}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid163060 uential Amendments}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 - The Acts set out in the Second}{\fs24\lang2057\langfe1033\langnp2057\insrsid163060 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Schedule are amended in the manner set out therein.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid163060 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060 ________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid163060\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6428790 {\fs24\lang2057\langfe1033\langnp2057\insrsid163060 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11953115 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 This Act is administered by the Financial Supervisory Commission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11953115 _______________}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11953115 {\fs24\lang2057\langfe1033\langnp2057\insrsid11953115\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1065620 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid5702456 FIRST SCHEDULE}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10827979\charrsid5702456 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid15425553 (Enactments applying) [s.76]}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1065620 {\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1065620 {\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 Trustee Companies Act 1981-82 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Dev}{\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 elopment Investment Act 1995-96 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 International Companies Act 1981-82 \par Int}{\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 ernational Partnership Act 1984 \par International Trusts Act 1984 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Financial }{\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 Supervisory Commission Act 2003 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Criminal Procedure Act 1980-81}{\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 \par Proceeds of Crime Act 2003 \par Banking Act 2003 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Mutual Assistan}{\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 ce in Criminal Matters Act 2003 \par Extradition Act 2003 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Financial Transactions Reporting Act 2004}{\fs24\lang2057\langfe1033\langnp2057\insrsid11953115 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Terrorism Suppression Act 2004}{\fs24\lang2057\langfe1033\langnp2057\insrsid10827979 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15942656 Crimes Act 1969 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 Shipping Act 1998}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15942656 {\fs24\lang2057\langfe1033\langnp2057\insrsid15942656 __________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid15942656\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9841118 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9841118\charrsid9532599 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9841118 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid9532599 SECOND SCHEDULE }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9841118\charrsid9532599 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790\charrsid6428790 (Enactments amended) [s.80]}{\fs24\lang2057\langfe1033\langnp2057\insrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7227609 {\fs24\lang2057\langfe1033\langnp2057\insrsid7227609 \par }\trowd \irow0\irowband0\ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7227609 {\fs24\lang2057\langfe1033\langnp2057\insrsid1867307\charrsid6428790 International Trusts Act 1984}{\fs24\lang2057\langfe1033\langnp2057\insrsid1867307 \cell }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid1867307 {\fs24\lang2057\langfe1033\langnp2057\insrsid1867307\charrsid6428790 By inserting after clause (d) of subsection (2) of section 27}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4469704 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid1867307\charrsid6428790 - "(dd) carries on business with a limited liability company under the provisions of the Limited Liability Companies Act 2008" \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7227609 {\fs24\lang2057\langfe1033\langnp2057\insrsid1867307 \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 { \fs24\lang2057\langfe1033\langnp2057\insrsid1867307 \trowd \irow0\irowband0\ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb \brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\row }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8543806 {\fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 Financial Supervisory Commission Act 2003 \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7227609 {\fs24\lang2057\langfe1033\langnp2057\insrsid1867307\charrsid6428790 \cell }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8543806 { \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 By adding "Limited Liability Companies Act 2008" to the First Schedule}{\fs24\lang2057\langfe1033\langnp2057\insrsid4482862 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid1867307 {\fs24\lang2057\langfe1033\langnp2057\insrsid1867307\charrsid6428790 \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 { \fs24\lang2057\langfe1033\langnp2057\insrsid1867307 \trowd \irow1\irowband1\ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb \brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\row }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8543806 {\fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 Financial Transactions Reporting Act 2004 \par \cell By inserting the words "or the Limited Liability Companies Act 2008" immediately after the words "International Companies Act 1981}{\fs24\lang2057\langfe1033\langnp2057\insrsid15408184 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 82" in paragraph (y) of the definition of Reporting Institution in Section 2. \par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\fs24\lang2057\langfe1033\langnp2057\insrsid8543806 \trowd \irow2\irowband2 \ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\row }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8543806 { \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 \cell By adding sub-paragraph (g) to Section 36 as follows: \par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\fs24\lang2057\langfe1033\langnp2057\insrsid8543806 \trowd \irow3\irowband3 \ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\row }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8543806 { \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 \cell "(g) Limited Liability Companies Act 2008" \par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\fs24\lang2057\langfe1033\langnp2057\insrsid8543806 \trowd \irow4\irowband4 \ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\row }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8543806 { \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 International Companies Act 1981-82\cell By inserting the words "or the Limited Liability Companies Act 2008" immediately after the words "or the International Partnership Act 1984" in sub-paragraph (a}{\fs24\lang2057\langfe1033\langnp2057\insrsid412964\charrsid6428790 ) (}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 iv) of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid15408184 he definition of Local Entity in}{\fs24\lang2057\langfe1033\langnp2057\insrsid8543806\charrsid6428790 section 249A (1). \par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\fs24\lang2057\langfe1033\langnp2057\insrsid8543806 \trowd \irow5\irowband5\lastrow \ts11\trgaph108\trrh240\trleft21\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4425\clshdrawnil \cellx4446\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4335\clshdrawnil \cellx8781\row }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4201464 { \lang2057\langfe1033\langnp2057\insrsid4201464 ___________________}{\lang2057\langfe1033\langnp2057\insrsid8543806 \par }}