Section 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 banking board.
    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.