§ 13.1-1090 Powers and duration of protected series
A. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
B. Except as otherwise provided in subsections C and D, a protected series of a series limited liability company has the same powers and purpose as the series limited liability company.
C. A protected series of a series limited liability company ceases to exist not later than when the series limited liability company ceases to exist.
D. A protected series of a series limited liability company shall not:
3. Except as permitted by a law of the Commonwealth other than this article, have any purpose or power that the law of the Commonwealth other than this article prohibits a limited liability company from doing or having.
History
This law was first created in 2019. The record of its establishment is cataloged in chapter 636 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2019, c. 636.