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2011 SESSION
SB 1356 Limited liability companies; derivative actions.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Limited liability companies; derivative actions. Removes a provision that allows a member of a limited liability company to bring a derivative action without first demanding that the members or managers of the limited liability company bring the action if an effort to cause the members or managers to bring the action is not likely to succeed. Without this "futility" exception, a member will be required in every case to make a demand on the limited liability company before bringing a derivative action. A member shall not bring a derivative proceeding unless he fairly and adequately represents the interests of the limited liability company and is a proper plaintiff.
FULL TEXT
- 01/12/11 Senate: Prefiled and ordered printed; offered 01/12/11 11102336D pdf
- 03/03/11 Senate: Bill text as passed Senate and House (SB1356ER) pdf
- 03/22/11 Governor: Acts of Assembly Chapter text (CHAP0379) pdf
AMENDMENTS
HISTORY
- 01/12/11 Senate: Prefiled and ordered printed; offered 01/12/11 11102336D
- 01/12/11 Senate: Referred to Committee on Commerce and Labor
- 01/17/11 Senate: Reported from Commerce and Labor (14-Y 0-N)
- 01/19/11 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/20/11 Senate: Read second time and engrossed
- 01/21/11 Senate: Read third time and passed Senate (35-Y 0-N)
- 01/21/11 Senate: Reconsideration of passage agreed to by Senate (35-Y 0-N)
- 01/21/11 Senate: Passed Senate (35-Y 0-N)
- 02/07/11 House: Placed on Calendar
- 02/07/11 House: Read first time
- 02/07/11 House: Referred to Committee on Commerce and Labor
- 02/17/11 House: Reported from Commerce and Labor with amendment (21-Y 1-N)
- 02/21/11 House: Read second time
- 02/22/11 House: Read third time
- 02/22/11 House: Committee amendment agreed to
- 02/22/11 House: Engrossed by House as amended
- 02/22/11 House: Passed House with amendment (96-Y 0-N)
- 02/22/11 House: VOTE: PASSAGE (96-Y 0-N)
- 02/23/11 Senate: House amendment agreed to by Senate (40-Y 0-N)
- 03/03/11 Senate: Enrolled
- 03/03/11 Senate: Bill text as passed Senate and House (SB1356ER)
- 03/03/11 House: Signed by Speaker
- 03/06/11 Senate: Signed by President
- 03/22/11 Governor: Approved by Governor-Chapter 379 (effective 7/1/11)
- 03/22/11 Governor: Acts of Assembly Chapter text (CHAP0379)