Legislative Session number- 84

Bill Name: HF3076

HF 3076

CHAPTER 250
FIRST ENGROSSMENT

Business corporations regulated, terms
clarified and updated, limited liability companies regulated, and references to
limited liability companies provided.

ARTICLE 1: BUSINESS
CORPORATIONS

Sections 1-11: Clarifying and technical language
modifications.
Sec. 12: Ownership interests defined modified.
Sec. 13:
Governing body defined.
Sec. 14: Limited liability company defined.
Sec. 15:
Statutory provisions modifications authorized.
Sec. 16: Facts outside of the
articles dependence provided.
Sec. 17-18: Clarifying and technical language
modifications.
Sec. 19: Corporate name change amendment procedure
specified.
Sec. 20: Subcommittees authorized.
Sec. 21: Term fixation procedure
modified.
Sec. 22: Uncertified share procedure modified.
Sec. 23:
Contractional requirement authorized.
Sec. 24-33: Clarifying and technical
language modifications.
Sec. 34: Board approval notification procedure
modified.
Sec. 35: Owner approval modified.
Sec. 36: Plan content requirements
revised.
Sec. 37: Clarifying and technical language modifications.
Sec. 38:
Parent company¿s shareholder approval required.
Sec. 39-43: Clarifying and
technical language modifications.
Sec. 44: Transferee liability modified.
Sec.
45: Repealer.
Sec. 46: Effective date.

ARTICLE 2: LIMITED LIABILITY
COMPANIES
Sections 1-5: Clarifying and technical language modifications.
Sec.
6: Governing body defined.
Sec. 7-9: Related term definitions modified.
Sec.
10: Clarifying and technical language modifications.
Sec. 11: Dependence on
facts outside the articles procedure specified.
Sec. 12: Clarifying and
technical language modifications.
Sec. 13: Change of LLC name procedure
established.
Sec. 14: Clarifying and technical language modifications.
Sec. 15:
Clarifying and technical language modifications.
Sec. 16: Contractual
requirement to submit matter to members specified.
Sec. 17: Method
modified.
Sec. 18: Clarifying and technical language modifications.
Sec. 19:
Subcommittees authority detailed.
Sec. 20: Removal procedure provided.
Sec.
21-23: Clarifying and technical language modifications.
Sec. 24: LLC plan
approval procedure clarified.
Sec. 25-27: Clarifying and technical language
modifications.
Sec. 28: Abandonment procedure contracted.
Sec. 29: Foregin LLC
company merger procedural reguations clarified.
Sec. 30: Clarifying and
technical language modifications.
Sec. 31: Transferee liability disposition
regulated.
Sec. 32: Clarifying and technical language modifications.
Sec. 33:
Effective date.

AME
5/22/06