§31B-4-411. Continuation of term company after expiration of specified term.
(a) If a term company is continued after the expiration of the
specified term, the rights and duties of the members and managers
remain the same as they were at the expiration of the term except
to the extent inconsistent with rights and duties of members and
managers of an at-will company.
(b) If the members in a member-managed company or the managers
in a manager-managed company continue the business without any
winding up of the business of the company, it continues as an