Establishment of designated series of members, managers, or limited liability company interests

Sec. 2. An operating agreement of a master limited liability company may establish or provide for the establishment of one (1) or more designated series of members, managers, or limited liability company interests that: (1) have separate rights, powers, or duties with respect to: (A) specified property or obligations of the limited liability company; or (B) profits and losses associated with specified property or obligations; and (2) to the extent provided in the operating agreement, may have a separate business purpose or investment objective. As added by P.L.170-2016, SEC.19.