HOUSE BILL 309

Sponsored By:

Delegates Frank and Gordon

Entitled:

Limited Liability Company Reform Act of 1997

Synopsis:

Altering the powers of a limited liability company and the requirement that the company be formed by two or more persons; repealing a requirement that the articles of organization contain the latest date on which the company is to dissolve; allowing specified persons to convert to a limited liability company; repealing limitations on the authority of a member of a limited liability company; providing that specified provisions of law relating to cessation of membership in a limited liability company apply unless otherwise noted; etc.

Legislative History

House Action

1/21

First Reading Economic Matters

Hearing 1/29 at 1:00 p.m.

3/4

Favorable with Amendments Report by Economic Matters

3/5

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/7

Third Reading Passed (127-1)

3/31

House Concur - Senate Amendments

Third Reading Passed (139-0)

Passed Enrolled

5/22

Signed by the Governor Chapter 659

Senate Action

3/10

First Reading Judicial Proceedings

4/3

Favorable with Amendments Report by Judicial Proceedings

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

4/4

Third Reading Passed with Amendments (47-0)

Sponsored by:

Delegate Robert L. Frank, District 11

Delegate Michael R. Gordon, District 17

Bill indexed under the following Subjects:

COMMERCE AND BUSINESS -see also- SMALL BUSINESS

FRAUD

LIABILITY -see also- GOOD SAMARITAN

PARTNERSHIPS

Bill affects the following Statutes:

Commercial Law

( 15-208 )

Corporations and Associations

( 4A-202 , 4A-203 , 4A-204 , 4A-211 , 4A-212 , 4A-213 , 4A-401 , 4A-402 , 4A-503 , 4A-504 , 4A-505 , 4A-506 , 4A-507 , 4A-507 , 4A-604 , 4A-606 , 4A-606.1 , 4A-901 , 4A-902 , 4A-904 , 4A-905 , 4A-906 , 4A-906 , 4A-907 , 4A-907 , 4A-908 , 4A-909 , 4A-909 , 4A-910 , 4A-910 , 4A-911 , 4A-912 , 4A-912 , 4A-913 , 4A-914 , 4A-915 , 4A-915 , 4A-916 , 4A-917 , 4A-918 , 4A-919 , 4A-920 , 4A-921 , 4A-922 , 10-101 , 10-101 )

Documents:

Bill Text:

First Reading (PDF), Third Reading (PDF), Enrolled (PDF)

Fiscal Note: Available (PDF)

Amendments:

House

Number: 063864/3 (PDF) Offered on: MARCH 5, 1997 at: 10:27 Status: Adopted

Senate

Number: 238746/1 (PDF) Offered on: APRIL 3, 1997 at: 11:59 Status: Adopted