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NRAI Compliance Updates - July
2006
Greetings,
This month’s newsletter includes a higher percentage of bills
that have become law. This is due to the time of year
with effective dates and legislator’s vacations
looming.
Of the more interesting entries below are three Delaware
Bills:
Delaware Senate Bill 333 which gives the Securities and Exchange
Commission clearance to certify questions of law to the Delaware
Supreme Court.
Delaware House Bill 414 updating and amending the Delaware Limited
Liability Company Act
Delaware House Bill 430 which proposes a new chapter to regulate
non-profit business engaged in credit counseling and debt
management services.
I am expecting legislative activity to slow down for the next
month or so.
Robert K. Rowell
General Counsel
New, Pending and Passed Legislation
Arizona
HB2273
AN ACT amending sections 10-122.01, 10-124, 10-401, 10-402 and
10-403, Arizona Revised Statutes; repealing section 10-504, Arizona
Revised Statutes; amending title 10, chapter 5, article 1, Arizona
Revised Statutes, by adding a new section 10-504; amending sections
10-720 and 10 1506, Arizona Revised Statutes; repealing section
10-1510, Arizona Revised Statutes; amending title 10, chapter 15,
article 1, Arizona Revised Statutes, by adding a new section
10-1510; amending title 10, chapter 15, article 2, Arizona Revised
Statutes, by adding section 10-1521; amending sections 10 1622,
10-2054, 10-2124 and 10 2215, Arizona Revised Statutes; repealing
section 10-3122, Arizona Revised Statutes, as amended by Laws 2005,
chapter 253, section 5; amending section 10-3122, Arizona Revised
Statutes, as amended by Laws 2005, chapter 262, section 2; amending
sections 10-3124, 10-3401, 10-3402 and 10-3403, Arizona Revised
Statutes; repealing section 10-3504, Arizona Revised Statutes;
amending title 10, chapter 28, article 1, Arizona Revised Statutes,
by adding a new section 10-3504; amending section 10-11506, Arizona
Revised Statutes; repealing section 10-11510, Arizona Revised
Statutes; amending title 10, chapter 38, article 1, Arizona Revised
Statutes, by adding a new section 10 11510; amending title 10,
chapter 38, article 2, Arizona Revised Statutes, by adding section
10 11521; amending sections 10-11632, 29-601, 29 602, 29 603,
29-606, 29-633, 29-634, 29-637, 29-681, 29-781, 29-781.01, 29 783,
29 802, 29-803, 29-805, 29-841, 29-841.01, 29-845 and 29-851,
Arizona Revised Statutes; relating to corporations and limited
liability companies.
Full Text available at: http://www.azleg.gov/legtext/47leg/2r/bills/hb2273h.pdf
Current Bill Status: June 15, 2006 signed by Governor as Chapter
320 with an effective date of December 31, 2006.
California
SB1183
Foreign corporations: supermajority vote.
(1) Existing law imposes various requirements on foreign
corporations, as defined, that transact intrastate business, as
defined. Existing law provides that a foreign corporation is not
considered to be transacting intrastate business merely because its
subsidiary transacts intrastate business. This bill would
additionally provide that a foreign corporation is not transacting
intrastate business merely because of its status as a
shareholder, limited partner, or member or manager of a domestic
corporation, limited partnership, or limited liability company or a
foreign corporation, limited partnership, or limited liability
company transacting intrastate business.
(2) Existing law requires, with respect to certain corporations
with outstanding shares of record held by at least 100 persons,
that an amendment to the articles of incorporation or a certificate
of determination that includes a supermajority vote requirement, as
defined, shall be approved by a specified proportion of shares.
Existing law provides that the supermajority vote requirement is
ineffective 2 years after the most recent filing of the amendment
or certificate of determination to adopt or readopt the
supermajority vote requirement, unless it is renewed, as specified.
This bill would eliminate that provision that the supermajority
vote requirement is ineffective 2 years after that specified
filing. The bill would make other technical, nonsubstantive, and
conforming changes.
Full Text available at: http://www.leginfo.ca.gov/pub/bill/sen/sb_1151-1200/sb_1183_bill_20060707_chaptered.pdf
Current Bill Status: July 7, 2006 signed by Governor
Delaware
HB414
This Bill continues the practice of amending periodically the
Delaware Limited Liability Company Act (the Act”) to keep it
current and to maintain its national preeminence. The following is
a section-by-section review of the proposed amendments of the
Act.
Section 1. This Section amends § 18-101(12) of the Act to
confirm the broad scope of the defined term
person”.
Sections 2 and 3. These Sections amend § 18-104 of the Act to
expand the types of entities that may serve as registered agents;
prescribe the duties of a registered agent; require that persons or
entities serving as registered agent for more than fifty entities
(a Commercial Registered Agent”) be generally open during
normal business hours and have a natural person present to operate
such office and communicate with the Secretary of State on request;
require Delaware limited liability companies to provide registered
agents with a designated natural person to receive communications
from the registered agent and require the registered agent to
maintain in its records the identity of such persons; authorize the
Secretary of State to issue regulations to enforce these
provisions; authorize the Secretary of State to bring a lawsuit in
the Court of Chancery to enjoin any person or entity from acting as
a registered agent, or as an officer, or director or managing agent
of a registered agent, any person or entity who fails to comply
with the statutory requirements, who has been convicted of a felony
or any crime involving dishonesty, fraud or moral turpitude, or who
has used the office of registered agent in a manner intended to
defraud the public; provide that the certificate of formation or
registration of a domestic or foreign limited liability company
will be cancelled if it fails, within a prescribed period, to
obtain and designate a new registered agent if the Court of
Chancery enjoins any person or entity from acting as a registered
agent for such limited liability company; and authorize the
Secretary of State to make a list of registered agents available to
the public.
Section 4. This Section amends § 18-203 of the Act to conform
to new § 18-104(i)(4) of the Act which provides for the
cancellation of a certificate of formation in the circumstances
therein provided.
Section 5. This Section amends § 18-206(b) of the Act to
conform to new § 18-104(i)(4) of the Act which provides for
the cancellation of a certificate of formation in the circumstances
therein provided.
Section 6. This Section amends § 18-209(b) of the Act to
correct words used in the subsection. Sections 7-32.
Sections 7 through 32 of the Bill make technical changes to
§18-212 (domestication of non-US entities), § 18-213
(transfer or continuance of domestic limited liability companies),
§ 18-214 (conversion of certain entities to a limited
liability company) and § 18-216 (approval of conversion of a
limited liability company) of the Act to conform these Sections to
the parallel provisions in the Delaware General General Corporation
Law adopted in 2005.
Section 33. This Section amends § 18-302(d) of the Act to
clarify that meetings of members of a Delaware limited liability
company may be held by conference telephone or similar
communications equipment unless otherwise provided in a limited
liability company agreement.
Section 34. This Section amends § 18-404(d) of the Act to
clarify that meetings of managers of a Delaware limited liability
company may be held by conference telephone or similar
communications equipment unless otherwise provided in a limited
liability company agreement.
Section 35. This Section amends § 18-906 of the Act to conform
to the provisions of § 18-904(e) and new § 18-104(i)(4)
of the Act which provide for the cancellation of the registration
of a foreign limited liability company under the circumstances
therein provided.
Sections 36 and 37. These Sections amend § 18-1109 of the Act
to permit the revival of a certificate of formation of a limited
liability company whose certificate of formation has been cancelled
pursuant to new § 18-104(i)(4).
Section 38. This Section provides that the proposed amendments in
Section 1 and Sections 6 through 34 of this Bill shall become
effective August 1, 2006 and that the proposed amendments in
Sections 2 through 5 and Sections 35, 36 and 37 of this Bill shall
become effective on January 1, 2007.
Full Text available at: http://www.legis.state.de.us/LIS/lis143.nsf/vwLegislation/HB+414/$file/legis.html?open
Current Bill Status: June 28, 2006 signed by Governor with Sections
6 through 34 effective August 1, 2006 and Sections 2 through 5 and
Sections 35, 36 and 37 of this Bill shall become effective on
January 1, 2007.
HB430
This Bill creates a new chapter to license and regulate non-profit
businesses engaged in offering credit counseling and debt
management services. The Bill is modeled on the Uniform
Debt-Management Services Act. Not-for-profit debt counseling
providers may be licensed with proof of non-profit status and tax
exemption. Applications for licenses must be accompanied by a
nonrefundable fee of $2,000 to credit of State Banking Commissioner
Regulatory Revolving Fund, a corporate surety bond of at least
$500,000, (or irrevocable letter of credit), evidence of insurance
against dishonest, fraud, theft and other misconduct of at least
$500,000, identification of all trust accounts with an irrevocable
consent authorizing the Commissioner to review and examine the
trust accounts and overdraft notification agreement similar to what
is imposed on all lawyers licensed in the State of Delaware who
hold client trust accounts. This Bill specifies, in detail, the
information that must be contained in license application, updated
license information, denials of licensure (subject to Delaware
Administrative Procedures Act), renewals of licenses and
reciprocity of licensure. The Bill regulates the counseling of
consumers before signing a Debt-Management Plan, including
financial analysis, identification of which creditors are expected
to participate, or not participate or not grant concessions,
certain disclaimers and disclosures including whether the provider
is receiving any compensation from the consumer’s creditors.
All Agreements must have a three business day right of cancellation
with complete refund of all fees paid by consumer. If provider
communicates with consumer primarily in a language other than
English the provider must furnish all disclosures and documents in
that other language. All pre-Agreement disclosures and disclaimers
and Agreements may be made by electronic means if the consumer
consents consistent with the Federal Electronic Signatures in
Global and National Commerce Act. The Bill regulates the fees that
can be charged, depending on the services being provided, up to a
not to exceed maximum. The Bill provides for the manner of
terminating Agreements. The Bill also provides for prohibited acts
by Providers that could involve or lead to collusion, conflicts of
interest or other bad practices. The Bill gives the Delaware
Banking Commission full authority to investigate all consumer
complaints, impose cease and desist orders, order restitution,
civilly prosecute and refer cases to the Delaware attorney general
for criminal prosecution. The Bill also allows for consumers to
seek civil damages individually or by class action including
punitive damages and attorney’s fees. The Act will take
effect six months after enactment.
Full Text available at: http://www.legis.state.de.us/LIS/lis143.nsf/vwLegislation/HB+430/$file/legis.html?open
Current Bill Status: Having passed the House the bill has passed in
the Senate on June 28, 2006.
SB322
Section 1 Amends § 102(a)(1) to provide that the name of a
Delaware corporation must be such as to distinguish it from the
names (whether reserved or of record) of each other domestic or
foreign corporation, partnership, limited partnership, limited
liability company or statutory trust upon the records in the office
of the Division of Corporations in the Department of State, except
with the written consent of the person who has reserved such name
or such other corporation, partnership, limited partnership,
limited liability company or statutory trust.
Section 2 Amends § 102 to add new subsection (e), which
clarifies who may reserve a name that is available for use by a
domestic or foreign corporation and provides the procedures to be
followed by the applicant and the Secretary of State to reserve
such name.
Section 3 Amends § 141(b) to add a new provision that a
resignation may be made effective upon the happening of a future
event or events, coupled with authority granted in the same section
to make certain resignations irrevocable. By permitting a
corporation to enforce a director resignation conditioned upon the
director failing to achieve a specified vote for reelection, e.g.,
more votes for than against, coupled with board acceptance of the
resignation, these provisions permit corporations and individual
directors to agree voluntarily, and give effect in a manner
subsequently enforceable by the corporation, to voting standards
for the election of directors which differ from the plurality
default standard in Section 216. The new provisions of Section
141(b) do not, however, address whether resignations submitted in
other contexts may be made irrevocable.
Section 4 Amends the first sentence of § 141(d) to clarify
that the classified terms of directors commence after the
classification of the board of directors becomes effective, thereby
expressly permitting certificate of incorporation or bylaw
provisions that provide for classification effective at a point in
time after such provisions are adopted. The new sentence added to
Section 141(d) permits the certificate of incorporation or bylaw
provision that divides the directors into classes to include
language authorizing the board of directors to assign members of
the board already in office to the board classes at the time such
classification becomes effective.
Section 5 Amends § 216 to provide that a bylaw adopted by a
vote of stockholders that prescribes the required vote for the
election of directors may not be altered or repealed by the board
of directors. This amendment does not address any other situation
in which the board of directors amends a bylaw adopted by
stockholder vote.
Section 6 Amends § 371 to provide that before a foreign
corporation shall have the right to do business in Delaware, the
name of such foreign corporation must be such as to distinguish it
from the names (whether reserved or of record) of each other
domestic or foreign corporation, partnership, limited partnership,
limited liability company or statutory trust upon the records in
the office of the Division of Corporations in the Department of
State, except with the written consent of the person who has
reserved such name or such other corporation, partnership, limited
partnership, limited liability company or statutory
trust.
Section 7 Amends § 391 to provide that a fee of up to $75
shall be collected by and paid to the Secretary of State for
accepting a corporate name reservation application as well as an
application for renewal of a corporate name reservation or a notice
of transfer or cancellation of a corporate name reservation.
Section 8 provides that the proposed amendments set forth in
Sections 1 through 7 of this Act shall become effective on August
1, 2006.
Sections 9 and 10 Amend § 132 to expand the types of entities
that may serve as registered agents; prescribe the duties of a
registered agent; require that persons or entities serving as
registered agent for more than 50 business entities be generally
open during normal business hours and have a natural person present
to operate such office and communicate with the Secretary of State
on request; require Delaware corporations to provide registered
agents with a designated natural person to receive communications
from the registered agent and require the registered agent to
maintain in its records the identity of such persons; authorize the
Secretary of State to issue regulations to enforce these
provisions; authorize the Secretary of State to bring a lawsuit in
the Court of Chancery to enjoin from acting as a registered agent,
or as an officer, or director, or managing agent of a registered
agent, any person or entity who fails to comply with the statutory
requirements, who has been convicted of a felony or any crime
involving dishonesty, fraud or moral turpitude, or who has used the
office of registered agent in a manner intended to defraud the
public; and authorize the Secretary of State to make a list of
registered agents available to the public.
Sections 11 through 16 are technical Amendments to § 312 to
make it consistent with revisions to §§ 132, 502, 503,
510, 511, 514, and 517.
Section 17 provides that the proposed Amendments set forth in
Sections 9 through 16 of this Act shall become effective on January
1, 2007.
Sections 18 through 26 Amend §§ 502, 503, 510, 511, 514,
and 517 to require Delaware corporations to file a complete annual
franchise tax report including, among other things, the names and
addresses of all of the corporation’s directors as of the
filing date of the report and the name and address of the officer
who signs the report, and require the Secretary of State to declare
void the charter of any corporation that fails to file a complete
annual franchise tax report.
Section 27 provides that the proposed Amendments set forth in
Sections 18 through 26 of this Act shall become effective on
January 1, 2008.
Full Text available at: http://www.legis.state.de.us/LIS/lis143.nsf/vwLegislation/SB+322/$file/legis.html?open
Current Bill Status: June 27, 2006 Signed by Governor with
staggered effective dates beginning August 1, 2006
SB333
The purpose of this amendment is to add the United States
Securities and Exchange Commission to the list of entities that may
certify questions of law to the Delaware Supreme Court. More than
half of the publicly traded companies in the United States are
Delaware corporations.
Full Text available at: http://www.legis.state.de.us/LIS/lis143.nsf/vwLegislation/SB+333/$file/legis.html?open
Current Bill Status: June 30, 2006 enacted without Governor’s
signature.
Hawaii
HB2313/SB2276
Clarifies and corrects ambiguities and errors in Hawaii's business
registration laws.
Full Text available at: http://www.capitol.hawaii.gov/sessioncurrent/bills/HB2313_.pdf
Current Bill Status: June 23, 2006 approved by Governor as Act
235
SB744
Clarifies ambiguities and corrects errors in business registration
laws.
Full Text available at: http://www.capitol.hawaii.gov/sessioncurrent/bills/sb744_.htm
Current Bill Status: June 13, 2006 approved by Governor as Act
184
Illinois
HB5376
Amends the Business Corporation Act of 1983. Requires that fair
value (instead of just value) be paid for a fractional share that
is paid in cash. Defines "fair value". Provides that, in the list
of those who can make a determination for purposes of
indemnification of a present or former director, officer, employee
or agent in a particular case, the determination shall be by a
committee of the directors who are not parties to such action,
suit, or proceeding, even though less than a quorum, designated by
a majority vote of the directors (instead of a committee of
directors designated by a majority vote of the directors). Amends
the Limited Liability Company Act. Provides that the operating
agreement may not contain any provision inconsistent with the
voting provisions in the listed Section. Limits situations in which
a person may vote to ratify or approve matters.
Full Text available at: http://www.ilga.gov/legislation/94/HB/PDF/09400HB5376lv.pdf
Current Bill Status: June 20, 2006 signed by Governor as Public Act
94-0889 with an effective date of January 1, 2007.
Louisiana
HB 248
Provides for required information for incorporation of domestic
incorporated insurers.
Full Text available at: http://www.legis.state.la.us/billdata/streamdocument.asp?did=400976
Current Bill Status: June 13, 2006 Signed by the Governor as Act
No. 340 with an effective date of June 13, 2006.
SB268
Classifies as "penalty" amounts assessed for failure by a
corporation to pay estimated income tax and adjustment of
overpayment of estimated income tax by a corporation
Full Text available at: http://www.legis.state.la.us/billdata/streamdocument.asp?did=403708
Current Bill Status: June 13, 2006 signed by Governor as Act 320
with an immediate effective date.
Missouri
HB1427/SB845
This bill allows the Secretary of State to waive reinstatement fees
and procedures in the event a corporation was administratively
dissolved for failure to file an annual registration report when
the failure was due to the business owner's active military
service. The Secretary of State will waive all late fees, cancel
the certificate of dissolution, and reinstate the corporation in
these circumstances. Annual registration report fees may still be
due for the years in which no report was filed.
Full Text available at: http://www.house.mo.gov/bills061/biltxt/truly/HB1427T.HTM
Current Bill Status: June 21, 2006 signed by Governor with an
effective date of August 28, 2006.
New Hampshire
SB 295
This bill makes a variety of changes to laws relating to the
registration and dissolution of certain business entities and
raises certain fees.
Full Text available at: http://www.gencourt.state.nh.us/legislation/2006/SB0295.html
Current Bill Status: Signed by the Governor on June 19, 2006 as
Chapter 316 with an effective date of July 1, 2006.
New Jersey
A4706/SB1987
An Act imposing a surcharge of 3.5% on corporation business tax
liability, supplementing P.L.1945, c.162 (C.5410A-1 et seq.).
Full Text available at: http://www.njleg.state.nj.us/2006/Bills/S2000/1987_R1.PDF
Current Bill Status: July 8, 2006 Reported from Senate Committee as
a Substitute, 2nd Reading and substituted with A4706.
A4725
An Act imposing a surcharge of 4.5% on corporation business tax
liability, supplementing P.L.1945, c.162 (C.5410A-1 et
seq.).
Full Text available at: http://www.njleg.state.nj.us/2006/Bills/A5000/4725_I1.PDF
Current Bill Status: July 5, 2006 Introduced, 1st Reading without
Reference, 2nd Reading.
New York
A12035/SB8416
Relates to the members, directors and officers, and dissolution of
not-for-profit corporations.
Full Text available at: http://assembly.state.ny.us/leg/?bn=S08416&sh=t
Current Bill Status: Passed Assembly and returned to Senate on June
23, 2006.
Pennsylvania
HB2851
Amending Titles 15 (Corporations and Unincorporated Associations)
and 54 (Names) of the Pennsylvania Consolidated Statutes, defining
"official notice"; requiring the Department of State to establish a
certain Internet website; further providing for advertisements by
domestic business corporations, by foreign business corporations,
domestic nonprofit corporations, foreign nonprofit corporations and
domestic cooperative corporation ancillaries and for fictitious
name registration; and making an editorial change.
Full Text available at: http://www2.legis.state.pa.us/WU01/LI/BI/BT/2005/0/HB2851P4405.pdf
Current Bill Status: June 28, 2006 introduced and referred to
Commerce Committee
HB2852
Amending Titles 15 (Corporations and Unincorporated Associations)
and 54 (Names) of the Pennsylvania Consolidated Statutes, further
providing for definitions; further providing, in registered limited
liability partnerships, for ownership of certain professional
partnerships, for scope, for definitions, for limitation on
liability of partners, for liability of withdrawing partner, for
foreign registered limited liability partnerships, for annual
registration; further providing, in general partnerships, for
definitions, for rules of construction; providing, in limited
partnerships, for advertisement; further providing, in limited
partnerships, for assignment of partnership interest and for
changes and amendments; further providing, in limited liability
companies, for definitions and index of definitions; providing, in
limited liability companies, for validation of prohibitions of
assignments; further providing, in limited liability companies, for
operating agreement, for management, for limitation on dissociation
or assignment of membership interest and for dissolution;
providing, in limited liability companies, for advertisement;
further providing, in limited liability companies, for distribution
of assets upon dissolution and for certificate of dissolution;
further providing, in business trusts, for liability of trustees
and beneficiaries; further providing, in names, for definitions;
and further providing, in corporate and other association names,
for register establishment.
Full Text available at: http://www2.legis.state.pa.us/WU01/LI/BI/BT/2005/0/HB2852P4406.pdf
Current Bill Status: Introduced and referred to Commerce Committee
on June 28, 2006.
SB1225
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An act
relating to tax reform and State taxation by codifying and
enumerating certain subjects of taxation and imposing taxes
thereon; providing procedures for the payment, collection,
administration and enforcement thereof; providing for tax credits
in certain cases; conferring powers and imposing duties upon the
Department of Revenue, certain employers, fiduciaries, individuals,
persons, corporations and other entities; prescribing crimes,
offenses and penalties," further providing, in corporate net
income, for the definition of "taxable income." The General
Assembly finds and declares as follows: (1) That the Commonwealth's
high tech and manufacturing sectors, which generate 16.1% of the
gross State product, employ 670,000 Pennsylvanians and directly add
over $75 billion in value to the Commonwealth every year, are in a
state of crisis that demands immediate attention. (2) Despite
certain nonmanufacturing sectors of Pennsylvania's economy keeping
pace with national economic growth and generating significant
increased revenues for the General Fund budget, Pennsylvania's high
tech and manufacturing employers have lost in excess of 200,000
high- paying, high-value manufacturing jobs since 2000, even as
competitor states have continued to add manufacturing and high tech
jobs. (3) After seeking and receiving the recommendations from an
unprecedented coalition of Pennsylvania employers, called
CompetePA, representing small and large companies competing in
every sector of the State's economy and every geographic region of
this Commonwealth, its support for the unified and targeted
solution to the manufacturing crisis recommended by Pennsylvania
employers that would reverse longstanding, Pennsylvania-specific,
job-crushing State economic policies that punish investment and
reinvestment in domestic manufacturing facilities. (4) In
recognition that Pennsylvania employers, not policymakers, are best
positioned to recommend reforms to enhance high tech and
manufacturing competitiveness for the Commonwealth, its support for
the unified Pennsylvania business community recommendations to all
of the following: (i) Eliminate over time the current policy that
restricts companies from offsetting current income with prior net
operating losses. (ii) Eliminate the "penalty" that increases an
employer's tax liability as that employer invests more in its
employees and property. (5) Having determined that Pennsylvania's
net operating loss tax policy continues to force cyclical, high
tech and manufacturing companies to pay a much higher effective tax
rate than their counterparts in competing neighboring states over a
multiyear period and that its current tax policy to 060S1225B1841 -
2 - penalize employers based upon their relative investment in
payroll and property creates a perverse incentive for manufacturers
to reduce such investments in this Commonwealth, that
Pennsylvania's current tax policy.
Full Text available at: http://www2.legis.state.pa.us/WU01/LI/BI/BT/2005/0/SB1225P1841.pdf
Current Bill Status: June 15, 2006 Introduced and Referred to
Finance Committee.
Rhode Island
HB7910/SB2936
Conversion of Sole Proprietorship to a Limited Liability
Company
Full Text available at: http://www.rilin.state.ri.us/Billtext/BillText06/SenateText06/S2936.pdf
Current Bill Status: June 13, 2006 signed by Governor as Chapter 88
with an immediate effective date.
SB2938
An Act relating to Corporations, Associations and Partnerships -
Rhode Island Business Corporation Act and Rhode Island Limited
Liability Company Act
Full Text available at:
http://www.rilin.state.ri.us/Billtext/BillText06/SenateText06/S2938A.pdf
Current Bill Status: June 26, 2006 became effective without
Governor’s signature.
Wyoming
HD35
An Act relating to business entities; providing for manual,
facsimile, conformed or electronic signatures on documents and
filings; providing conforming amendments; providing definitions;
providing penalties; and providing for an effective
date.
Full Text available at: Not yet available
Current Bill Status: July 7, 2006, Draft text released - to be
heard before Joint Corporations, Elections and Political
Subdivisions Interim Committee on July 13, 2006
HD39
An Act relating to limited partnerships and registered limited
liability partnerships; providing for reinstatement within two
years of administrative dissolution or lapsed registration; and
providing for an effective date.
Full Text available at: Not yet available
Current Bill Status: July 7, 2006, Draft text released - to be
heard before Joint Corporations, Elections and Political
Subdivisions Interim Committee on July 13, 2006
Previous issues of the NRAI Newsletter may be found
at: http://secure.nrai.com/dynamic_frame.asp?page=research
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Headquartered in Princeton, NJ, NRAI
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