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2003 SESSION
SB 861 Limited liability companies; business entities.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Limited liability companies; business entities. Incorporates conforming provisions into the Limited Liability Company Act and analogous provisions of other business entity statutes to enable those entities to merge with business trusts. Other provisions (i) clarify the authority of limited liability companies to convert into stock corporations and vice versa, (ii) provide that when the operating agreement of a limited liability company contains an agreement among members that restricts their ability to pledge or transfer their ownership interests, they will be given effect as a matter of freedom of contract notwithstanding contrary provisions of the Uniform Commercial Code, and (iii) clarify who signs State Corporation Commission filings for limited liability companies that are formed without members.
FULL TEXT
- 01/08/03 Senate: Presented & ordered printed, prefiled 01/07/03 036654540 pdf | impact statement
- 01/16/03 Senate: Printed as engrossed 036654540-E pdf
- 02/24/03 Senate: Bill text as passed Senate and House (SB861ER) pdf | impact statement
- 03/25/03 Governor: Acts of Assembly Chapter text (CHAP0340) pdf
AMENDMENTS
HISTORY
- 01/08/03 Senate: Presented & ordered printed, prefiled 01/07/03 036654540
- 01/08/03 Senate: Referred to Committee on Commerce and Labor
- 01/13/03 Senate: Reported from C. & L. with amendments (15-Y 0-N)
- 01/15/03 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/15/03 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 01/16/03 Senate: Read second time
- 01/16/03 Senate: Reading of amendments waived
- 01/16/03 Senate: Committee amendments agreed to
- 01/16/03 Senate: Engrossed by Senate as amended
- 01/16/03 Senate: Printed as engrossed 036654540-E
- 01/17/03 Senate: Read third time and passed Senate (38-Y 0-N)
- 01/17/03 Senate: VOTE: PASSAGE R (38-Y 0-N)
- 01/17/03 Senate: Rec. of passage agreed to by Senate (39-Y 0-N)
- 01/17/03 Senate: VOTE: RECONSIDER R (39-Y 0-N)
- 01/17/03 Senate: Passed Senate (39-Y 0-N)
- 01/17/03 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 01/17/03 Senate: Communicated to House
- 01/23/03 House: Placed on Calendar
- 01/23/03 House: Read first time
- 01/23/03 House: Referred to Committee on Commerce and Labor
- 02/11/03 House: Reported from Commerce and Labor (21-Y 0-N)
- 02/13/03 House: Read second time
- 02/14/03 House: Read third time
- 02/14/03 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/14/03 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/24/03 Senate: Bill text as passed Senate and House (SB861ER)
- 02/26/03 House: Enrolled
- 02/26/03 House: Signed by Speaker
- 02/27/03 Senate: Signed by President
- 03/16/03 Governor: Approved by Governor-Chapter 340 (effective-see bill)
- 03/25/03 Governor: Acts of Assembly Chapter text (CHAP0340)