§ 10-7A-05. Exchange or conversion of interests or stock.

   (a) Other entity to limited partnership. -- In a conversion of an other entity to a limited partnership, the stock, membership interests, partnership interests, beneficial interests, or other ownership interests of the other entity may be exchanged for or converted into any one or more of the following:

   (1) Partnership interests in the limited partnership or stock, evidence of indebtedness, membership interests, partnership interests, beneficial interests, or other ownership interests of an other entity, whether or not party to the conversion;

   (2) Other tangible or intangible property;

   (3) Money; and

   (4) Any other consideration.

(b) Limited partnership to other entity. -- In a conversion of a limited partnership to an other entity, partnership interests in the limited partnership may be exchanged for or converted into any one or more of the following:

   (1) Stock, evidence of indebtedness, membership interests, partnership interests, beneficial interests, or other ownership interests of the other entity to which the limited partnership is converted or of an other entity, whether or not a party to the conversion;

   (2) Other tangible or intangible property;

   (3) Money; and

   (4) Any other consideration.

HISTORY: 2013, ch. 527, § 2; ch. 528, § 2.