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