California Corporations Code

§ 15911.21

CORP § 15911.21 Effective Jan 1, 2023Title 2 · Ch. 4.5 · Art. 11.5

Statute text

(a)If the approval of outstanding limited partnership interests is required for a limited partnership to participate in a reorganization, pursuant to the limited partnership agreement of the partnership, or otherwise, then each limited partner of the limited partnership holding those interests may, by complying with this article, require the limited partnership to purchase for cash, at its fair market value, the interest owned by the limited partner in the limited partnership, if the interest is a dissenting interest as defined in subdivision (b). The fair market value shall be determined as of the day before the first announcement of the terms of the proposed reorganization, excluding any appreciation or depreciation in consequence of the proposed reorganization.

(b)As used in this article, “dissenting interest” means the interest of a limited partner that satisfies all of the following conditions:

(1)Either:

…

Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 65. (SB 1498) Effective January 1, 2023.