National Registered Agents, Inc.
NRAI Compliance Updates
 
October 2008
Greetings,

A short newsletter this month.  Legislatures will be ramping up their activities for the remainder of the year with much activity aimed at alleviating the current economic uncertainties as seen in the Federal Bill reported below.
 
A notable Bill reported below is California AB 2944 dealing with the duties of directors that the Governor vetoed.  I've included a link to the Governor's veto message which is worth reading.  Michigan with SB 1445 enters the small group of states proposing "low profit" LLC's for charitable organizations.
 
Robert K. Rowell
General Counsel

Federal Legislation
 
HB 7125
 
Let Wall Street Pay for Wall Street's Illiquid Assets Act of 2008. To amend the Internal Revenue Code of 1986 to impose a tax on securities transactions.
 
Full Text available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h7125ih.txt.pdf
 
Current Bill Status: September 26, 2008, referred to the House Committee on Ways and Means.
 

California
 
HB 2944
 
Director's duties, An act to amend, repeal, and add Section 309 of the Corporations Code, relating to corporations.This bill would, until January 1, 2015, specify that, in considering the best interests of the corporation and its shareholders, the board of directors, committees of the board, and individual directors of a domestic corporation may consider specified factors, including, among others, the effect the corporation's actions would have on the prospects for potential growth and on the economy of the state and nation. The bill would enact related provisions relative to the consideration of these factors, as specified, and the duties of the board of directors, committees of the board, and individual directors of a domestic corporation. The bill would also, until January 1, 2015, provide that an act of the board of directors, a committee of the board, or an individual director of a domestic corporation shall be presumed to be in the best interests of the corporation, except as specified.
 
Full Text available at: http://www.leginfo.ca.gov/pub/07-08/bill/asm/ab_2901-2950/ab_2944_bill_20080911_enrolled.html
 
Current Bill Status: September 30, 2008, vetoed by Governor. Governor's Veto Message available at: http://www.leginfo.ca.gov/pub/07-08/bill/asm/ab_2901-2950/ab_2944_vt_20080930.html


Michigan
 
SB 1445
 
A bill to amend 1993 PA 23, entitled "Michigan limited liability company act," by amending section 102 (MCL 450.4102), as amended by 2002 PA 686 to authorize formation of low profit limited liability companies.
 
Full Text available at: http://www.legislature.mi.gov/documents/2007-2008/billintroduced/Senate/pdf/2008-SIB-1445.pdf
 
Current Bill Status: September 24, 2008, referred to the Committee of the Whole.
 

New Jersey
 
HB 1277
 
Provides corporation business tax and gross income tax credits for employers who allow their employees to telecommute.
 
Full Text available at: http://www.njleg.state.nj.us/2008/Bills/A1500/1277_I1.HTM
 
Current Bill Status: October 6, 2008, reported and referred to Assembly Appropriations Committee
 

New York
 
SB 8047
 
Relates to the training of boards of directors or trustees of certain voluntary not-for-profit facilities or corporations.
 
Full Text available at: http://assembly.state.ny.us/leg/?bn=S08047&sh=t
 
Current Bill Status: September 15, 2008, vetoed by Governor.

 
 
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