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2002 SESSION

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SB 254 Business Corporations Act; domestication and conversion, fees.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Corporations; domestication and conversion; fees. Changes from July 1, 2002, to February 1, 2002, the effective date of legislation enacted in 2001 that adopted certain Revised Model Business Corporations Act procedures. However, only domestic corporations that were incorporated before July 1, 1970, and that are authorized to issue 5,000 or more shares may convert to limited liability company status prior to July 1, 2002. This bill has an emergency clause.

SUMMARY AS PASSED SENATE:

Corporations; domestication and conversion; fees. Changes from July 1, 2002, to February 1, 2002, the effective date of legislation enacted in 2001 that adopted certain Revised Model Business Corporations Act procedures. However, only domestic corporations that were incorporated before July 1, 1970, and that are authorized to issue 5,000 or more shares may convert to limited liability company status prior to July 1, 2002. This bill has an emergency clause.

SUMMARY AS INTRODUCED:

Corporations; domestication and conversion; fees. Changes from July 1, 2002, to February 1, 2002, the effective date of legislation enacted in 2001 that adopted certain Revised Model Business Corporations Act procedures. This bill has an emergency clause.