§ 507. Limited liability investment companies. 1. Investment companies
which (a) do not accept or maintain credit balances or deposits in the
United States, (b) do not engage in any business activity in the United
States except as an incident to their international or foreign business
or operations, and (c) conduct business in compliance with the
provisions of this chapter, may be formed and operated as limited
liability investment companies. Such limited liability investment
companies shall be formed in accordance with, shall operate in
compliance with, and shall meet all of the requirements of the limited
liability company law and this chapter, except that to the extent any
provision of the limited liability company law shall be inconsistent
with the provisions of this chapter, the provisions of this chapter
shall govern; provided, however, that limited liability investment
companies shall not have perpetual existence.

2. Notwithstanding any other provision of this chapter, a limited
liability investment company shall dissolve and its affairs shall be
wound up upon the occurrence of any event specified in section seven
hundred one of the limited liability company law. Upon such a
dissolution, the provisions of this chapter shall govern the winding up
of the affairs of the limited liability investment company and the
distribution of its assets. Further, upon such a dissolution, if the
members of a limited liability investment company wish to continue the
existence of the company and meet the requirements of section seven
hundred one of the limited liability company law, they shall apply for
and may receive the approval of the superintendent for a new articles of
organization and new authorization certificate.

3. For a period of one year following the effective date of this
section, investment companies which have been formed and are operating
pursuant to this article and article fifteen of this chapter on the
effective date of this section, and which meet the requirements of
subdivision one of this section, may convert into limited liability
investment companies provided they meet all of the other requirements of
this chapter as if they were newly formed companies and subject to the
approval of the superintendent of financial services.

4. The superintendent is hereby authorized and empowered to make such
general rules and regulations as may be necessary and proper to
effectuate the provisions of this chapter relating to the formation and
operation of limited liability investment companies.