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2004 SESSION
SB 538 Business entities; changes in provisions.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Business entities. Clarifies that liabilities incurred by a corporation, limited partnership, limited liability company, business trust, or limited liability partnership, or its member, officer, director or other agent, after an administration termination of existence and before the entity's reinstatement shall be determined as if the termination of the entity's existence had not occurred. The changes also (i) authorize limited liability company operating agreements to provide for contractual appraisal rights, arbitration and exclusive jurisdiction, and multiple classes of members and managers; (ii) clarify the ability of limited liability companies to indemnify members, managers, and other agents; (iii) permit limited liability companies to engage in any business, purpose, or activity, regardless of whether the activity constitutes a business; and (iv) conform charging order provisions of the limited liability company, limited partnership, and partnership statutes. Also makes other technical changes to the limited liability company, partnership, and limited partnership acts.
FULL TEXT
- 01/14/04 Senate: Presented & ordered printed, prefiled 01/14/04 047740824 pdf
- 01/29/04 Senate: Printed as engrossed 047740824-E pdf | impact statement
- 03/22/04 Senate: Bill text as passed Senate and House (SB538ER) pdf | impact statement
- 04/20/04 Governor: Acts of Assembly Chapter text (CHAP0601) pdf
AMENDMENTS
HISTORY
- 01/14/04 Senate: Presented & ordered printed, prefiled 01/14/04 047740824
- 01/14/04 Senate: Referred to Committee on Commerce and Labor
- 01/26/04 Senate: Reported from C. & L. with amendments (14-Y 0-N)
- 01/28/04 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/28/04 Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
- 01/29/04 Senate: Read second time
- 01/29/04 Senate: Reading of amendments waived
- 01/29/04 Senate: Committee amendments agreed to
- 01/29/04 Senate: Engrossed by Senate as amended SB538E
- 01/29/04 Senate: Printed as engrossed 047740824-E
- 01/30/04 Senate: Read third time and passed Senate (40-Y 0-N)
- 01/30/04 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 01/30/04 Senate: Communicated to House
- 02/03/04 House: Placed on Calendar
- 02/03/04 House: Read first time
- 02/03/04 House: Referred to Committee on Commerce and Labor
- 02/24/04 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/26/04 House: Read second time
- 02/27/04 House: Read third time
- 02/27/04 House: Passed House BLOCK VOTE (100-Y 0-N)
- 02/27/04 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 03/22/04 Senate: Bill text as passed Senate and House (SB538ER)
- 03/23/04 Senate: Enrolled
- 03/24/04 Senate: Signed by President
- 03/24/04 House: Signed by Speaker
- 04/12/04 Governor: Approved by Governor-Chapter 601 (effective 7/1/04)
- 04/20/04 Governor: Acts of Assembly Chapter text (CHAP0601)