§428-903 Effect of conversion. When a conversion becomes effective:
(1) The converting entity shall continue to exist without interruption, but in the organizational form of the converted entity;
(2) All rights, title, and interest in all real estate and other property owned by the converting entity shall automatically be owned by the converted entity without reversion or impairment, subject to any existing liens or other encumbrances thereon;
(3) All liabilities and obligations of the converting entity shall automatically be liabilities and obligations of the converted entity without impairment or diminution due to the conversion;
(4) The rights of creditors of the converting entity shall continue against the converted entity and shall not be impaired or extinguished by the conversion;
(5) Any action or proceeding pending by or against the converting entity may be continued by or against the converted entity without any need for substitution of parties;
(6) The shares and other forms of ownership in the converting entity that are to be converted into shares, or other forms of ownership, or other securities in the converted entity as provided in the plan of conversion shall be converted, and if the converting entity is a domestic limited liability company, the former members of the domestic limited liability company shall be entitled only to the rights provided in the plan of conversion or to the rights to dissent under section 414-342;
(7) A shareholder, partner, member, or other owner of the converted entity shall be liable for the debts and obligations of the converting entity that existed before the conversion takes effect only to the extent that such shareholder, partner, member, or other owner:
(A) Agreed in writing to be liable for the debts or obligations;
(B) Was liable under applicable law prior to the effective date of the conversion, for the debts or obligations; or
(C) Becomes liable under applicable law for existing debts and obligations of the converted entity by becoming a shareholder, partner, member, or other owner of the converted entity; and
(8) If the converted entity is a foreign limited liability company or other business entity incorporated, formed, or organized under a law other than the law of this State, such converted entity shall file with the director:
(A) An agreement that the converted entity may be served with process in this State in any action or proceeding for the enforcement of any liability or obligation of the converting domestic limited liability company;
(B) An irrevocable appointment of a resident of this State, including the resident's street address, as its agent to accept service of process in any such proceeding; and
(C) An agreement for the enforcement, as provided in this chapter, of the right of any dissenting shareholder, partner, member, or other owner to receive payment for their interest against the converted entity. [L 1996, c 92, pt of §1; am L 1999, c 280, §21; am L 2001, c 129, §100; am L 2003, c 124, §76; am L 2004, c 121, §47; am L 2006, c 235, §22]
Structure Hawaii Revised Statutes
Title 23A. Other Business Entities
428. Uniform Limited Liability Company Act
428-103 Effect of operating agreement; nonwaivable provisions.
428-104 Supplemental principles of law.
428-105.5 Administrative order of abatement for infringement of limited liability company name.
428-108 Change of registered agent.
428-109 Resignation of registered agent.
428-111 Nature of business and powers.
428-201 Limited liability company as legal entity.
428-203 Articles of organization.
428-204 Articles of amendment.
428-204.5 Amended and restated articles of organization.
428-204.6 Restated articles of organization.
428-206 Filing in office of director; effective time and date.
428-207 Correcting filed record.
428-208 Liability for false statement in filed record.
428-209 Filing by judicial act.
428-301 Agency of members and managers.
428-302 Limited liability company liable for member's or manager's actionable conduct.
428-303 Liability of members and managers.
428-402 Member's liability for contributions.
428-403 Member's and manager's rights to payments and reimbursement.
428-404 Management of the limited liability company.
428-405 Sharing of and right to distributions.
428-406 Limitations on distributions.
428-407 Liability for unlawful distributions.
428-408 Member's right to information.
428-409 General standards of member's and manager's conduct.
428-411 Continuation of limited liability company after expiration of specified term.
428-501 Member's distributional interest.
428-502 Transfer of distributional interest.
428-503 Rights of a transferee.
428-601 Events causing a member's dissociation.
428-602 Member's power to dissociate; wrongful dissociation.
428-603 Effect of a member's dissociation.
428-701 Company purchase of distributional interest.
428-702 Court action to determine fair value of distributional interest.
428-703 Dissociated member's power to bind the limited liability company.
428-704 Statement of dissociation.
428-801 Events causing dissolution and winding up of company's business.
428-802 Limited liability company continues after dissolution.
428-803 Right to wind up the limited liability company's business.
428-804 Member's or manager's power and liability as agent after dissolution.
428-805 Articles of termination.
428-806 Distribution of assets in winding up the limited liability company's business.
428-807 Known claims against dissolved limited liability company.
428-808 Notice; other claims against dissolved limited liability company.
428-809 Grounds for administrative termination.
428-810 Procedure for and effect of administrative termination.
428-811 Reinstatement following administrative termination.
428-812 Appeal from denial of reinstatement.
428-902.5 Conversion into and from limited liability companies.
428-902.6 Articles of conversion.
428-903 Effect of conversion.
428-1001 Law governing foreign limited liability companies.
428-1002 Application for certificate of authority.
428-1003 Activities not constituting transacting business.
428-1004 Issuance of certificate of authority.
428-1005 Name of foreign limited liability company.
428-1005.5 Change of name by foreign limited liability company.
428-1006 Revocation of certificate of authority.
428-1007 Cancellation of authority.
428-1008 Effect of failure to obtain certificate of authority.
428-1009 Action by attorney general.
428-1201 Uniformity of application and construction.
428-1203 Certificates and certified copies to be received in evidence.