16-1a-904. Approval of conversion.
(1) A plan of conversion does not take effect unless: a domestic converting entity approves the plan of conversion: in accordance with the requirements, if any, in the domestic converting entity's organic rules for approval of a conversion; if the domestic converting entity's organic rules do not provide for the approval of a conversion, in accordance with the requirements, if any, in the converting entity's organic law and organic rules for the approval of: for an entity that is not a business corporation or a limited cooperative association, a merger, as if the conversion were a merger; for a business corporation, a merger requiring approval by a vote of the interest holders of the business corporation, as if the conversion were that type of merger; and for a limited cooperative association, a transaction authorized under this part; or by each interest holder of the entity that is entitled to vote on or consent to any matter if: for an entity that is not a business corporation or a limited cooperative association, the entity's organic law and organic rules do not provide for the approval of a conversion or a merger; or for a limited cooperative association, the limited cooperative association's organic law and organic rules do not provide for the approval of a conversion or a transaction under this part; each interest holder of a domestic converting entity that will have interest holder liability for a debt, obligation, or other liability that the domestic converting entity incurs after the conversion approves the plan of conversion in a record; and for an entity that is not a business corporation or a nonprofit corporation, the entity complies with the provisions of Subsection, unless: (1)(b) the organic rules of the entity contain a provision that provides in a record for the approval of an interest exchange or a merger in which some or all of the entity's interest holders become subject to interest holder liability by the vote or consent of fewer than all the interest holders; and the interest holders consent in a record to or vote for the provision described in Subsectionor became an interest holder after the adoption of the provision. (1)(c)(i)
(2) A conversion of a foreign converting entity does not take effect until the foreign entity approves the conversion in accordance with the law of the foreign entity's jurisdiction of formation.