Section 17612.

(a) Subject to subdivisions (b) and (c), this chapter applies to the following:

(1) A domestic limited liability company.

(2) A foreign limited liability company if members holding more than 50 percent of the voting interests of the foreign limited liability company reside in this state.

(b) This chapter does not apply to membership interests governed by operating agreements whose terms and provisions specifically set forth the amount to be paid in respect of those interests in the event of a reorganization of the limited liability company.

(c) This chapter shall not apply to any limited liability company with 35 or fewer members if all the members have waived the application of this chapter in writing, whether in an operating agreement or otherwise, provided that if, at the time of the reorganization, the limited liability company had more than 35 members, any waiver shall be ineffective as to that reorganization.

(Added by Stats. 1994, Ch. 1200, Sec. 27. Effective September 30, 1994. Repealed as of January 1, 2014, pursuant to Section 17657. Thereafter, see Title 2.6, commencing with Section 17701.01.)