CODE OF VIRGINIA

POWERS AND DURATION OF PROTECTED SERIES (§ 13.1-1090)

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:

   1. Be a member of the series limited liability company;

   2. Establish a protected series; or

   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: 2019, c. 636.