10RS SB150

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

AN ACT relating to business entities.
Create and amend various KRS sections relating to corporations, partnerships, and LLCs to provide that limited liability provisions with those sections assign all personal responsibility for a person's negligent or other wrongful acts to the person; clarify filing requirements and due dates for annual reports and business dissolutions; provide greater specificity as to the listing of corporate officers; allow court-ordered meetings of a board of directors; allow conversion of a PSC to a business corporation; create greater consistency of a disinterestedness requirement in certain votes in an LLC; create greater consistency of the rights of the holder of a charging order; create greater consistency of the rights of the holder of a charging order; establish a consistent address for mailing notices of administrative dissolution or the revocation of a certificate of authority, provide clarification as to the effect of a merger involving an LLC; address the ability of a member in a member-managed LLC to resign and thereby on a prospective basis terminate fiduciary obligations; repeal KRS 275.340.

SB 150 - AMENDMENTS

     SFA (1, T. Jensen) - Correct incorrect reference to employee to instead reference an employeer.

     HCS - Insert provision to authorize study of low-profit limited liability companies by the Interim Joint Committee on Judiciary and to make technical corrections.

     HFA (1, T. Riner) - Insert amendments to KRS 362.465 and 362.2-601 to expand the circumstances allowing the withdrawal or disassociation of a limited partner and the effect of the withdrawal or disassociation.

     Feb 8-introduced in Senate
     Feb 10-to Judiciary (S)
     Feb 11-reported favorably, 1st reading, to Calendar
     Feb 12-2nd reading, to Rules
     Feb 16-floor amendment (1) filed
     Feb 22-posted for passage in the Regular Orders of the Day for Wednesday, February 24, 2010
     Feb 24-3rd reading, passed 38-0 with floor amendment (1)
     Feb 25-received in House
     Feb 26-to Judiciary (H)
     Mar 8-posted in committee
     Mar 10-reported favorably, 1st reading, to Calendar with Committee Substitute
     Mar 11-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, March 12, 2010
     Mar 22-floor amendment (1) filed to Committee Substitute
     Mar 23-floor amendment (1) withdrawn
     Mar 24-3rd reading, passed 96-2 with Committee Substitute ; received in Senate
     Mar 29-posted for passage for concurrence in House Committee Substitute ; Senate concurred in House Committee Substitute ; passed 37-0; enrolled, signed by President of the Senate
     Apr 1-enrolled, signed by Speaker of the House; delivered to Governor
     Apr 13-signed by Governor (Acts ch. 133)

Vote History

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