California Corporations Code

§ 25014.7

CORP § 25014.7 Effective Jan 1, 2010Div. 1 · Title 4 · Part 1

Statute text

(a)“Eligible rollup transaction” means a rollup transaction in which the new securities issued are listed or approved for listing on a national securities exchange which has been certified by the commissioner under subdivision (o) of Section 25100, if the exchange requires as a condition to listing or designation that the rollup transaction be conducted in accordance with procedures to protect the rights of limited partners.

(b)The rights of limited partners will be presumed to be protected if the rollup transaction provides for the right of dissenting limited partners:

(1)To receive compensation for their limited partnership units based on an appraisal of the limited partnership assets performed by an independent appraiser unaffiliated with the sponsor or general partner of the limited partnership and which value the assets as if sold in an orderly manner in a reasonable period of time, plus or minus other balance sheet items, and less the cost of sale or refinancing. Compensation to dissenting limited partners of rollup transactions may be cash, secured debt instruments, unsecured debt instruments, or freely tradeable securities; provided, however, that:

…

Legislative history

Amended by Stats. 2009, Ch. 131, Sec. 8. (AB 991) Effective January 1, 2010.