House Bill 1510 (Act No. 1388) signed by the governor April 19 and effective July 27 authorizes the formation of benefit corporations for a general public benefit and specific public benefits named in the articles or amendment to articles. Benefit corporations must file an annual benefit report in addition to the corporate franchise tax report.
Senate Bill 847 signed by the governor May 2 and effective September 1 amends the Business Organizations Code to (1) clarify that a series of a series LLC is not an independent entity but has the ability to acquire and sell assets and exercise all of the powers and privileges as necessary to conduct its business purpose; (2) remove redundant information from a restated certificate of formation, (3) require LPs to notify potential claimants when settling its affairs upon dissolution, and (4) clarify that the owners of partnerships and LLCs possess contractual freedom to eliminate or limit the liability of the entity’s governing individuals.
Taney County, MO is now electronically recording documents through CSC. Available documents and required fields are listed in the attached Document Bulletin. If this county has not been added to your drop down list and/or you would like to e-Record in this county, please contact your CSC representative.
AB 3123/SB 2326 (Chapter 42) signed by the governor April 1 and effective July 1 amends existing provisions concerning derivative proceedings and shareholder class actions. The bill text can be accessed at http://www.njleg.state.nj.us/2012/Bills/A3500/3123_R1.HTM.
The Texas Comptroller’s Office recently changed its entity status structure, replacing all references to standing (e.g., “In Good Standing,” “Not in Good Standing” etc.) with terms such as “Active” and “Forfeited.” Texas has also eliminated the status code for Exempt Corporations. The majority of these changes were from Good Standing (Exempt Corporation) to Active.
North Carolina recently updated the statuses of almost 17,000 entities. Some entities were changed from “Current-Active” to “Suspended” and others were changed from “Administratively Dissolved / Revoked” to “Multiple” (meaning the entity has multiple deficiencies).
CSC Corporate Tracker customers whose entities have been affected by these changes can expect to receive alerts this afternoon. To learn more about CSC Corporate Tracker, contact a CSC Representative at 877-463-5769.
Senate Bill 1233 (Chapter 198) signed by governor May 7 and effective 91 days after adjournment (projected to be May 23) amends the Limited Liability Company Act by adding a new provision governing members as it relates to forms of ownership. The bill text can be accessed at http://www.azleg.gov/FormatDocument.asp?inDoc=/legtext/51leg/1r/laws/0198.htm&Session_ID=110.
Assembly Bill 113 (Chapter 3) signed by the governor and effective May 1 increases the appropriation to the Secretary of State’s office to be used to reduce processing time for business entity filings and requires the Secretary of State to report monthly on progress in achieving reductions. The bill text can be accessed here.
All Holders and Holder Advocates who would like to learn more about the new Delaware VDA program are encouraged to register for the June 3, 2013 webinar, to be hosted by Delaware’s Secretary of State Jeffrey W. Bullock.
This session will be held at 3 pm (Eastern), 2 pm (Central) and noon (Pacific). The purpose of our webinar series has been to ensure that all interested parties are familiar with the new unclaimed property process and fully understand the benefits of the program, particularly the benefits associated with enrollment prior to June 30, 2013. If you would like to participate in the next webinar, please register here. Log-in and Call-in information will be e-mailed to each registrant prior to the webinar event.