14RS Senate Bill 178

Senate Bill 178

Actions

Last Action	to Judiciary (S)
Title	AN ACT relating to corporations.
Bill Documents	Bill
Bill Request Number	1841
Sponsor	S. Gregory
Summary of Original Version	Establish KRS Chapter 273A and create subchapters and sections thereof to enact the "Kentucky Revised Nonprofit Corporation Act 2014"; provide for the creation, modification, termination, and administration of nonprofit corporations; enumerate steps of incorporation; provide procedures related to the adoption of bylaws; establish fee for filing documents with and allow for electronic transmission of documents to the office of the Secretary of State; address definitions, general provisions, and enumerated powers of a nonprofit corporation under this chapter; provide procedure for determining whether a nonprofit corporation has members; establish parliamentary procedure for meetings of a board including conference calls or other electronic means; establish standing requirements required for lawsuits against nonprofit corporation or directors; provide requirements related when third parties can bring suit against the corporation under certain circumstances; establish circumstances as to when the Attorney General can bring suit against a corporation or in relation to dissolution; provide notice procedure regarding members, directors, and other individuals; establish parliamentary procedures for voting; establish procedure for determining quorum requirements; provide procedure for the election; establish procedures related to indemnification; establish provisions related to the conveyance of property by a corporation, sale of assets, and payments to members or directors by the corporation; provide procedures related to distribution; establish provisions regarding dissolution; establish right and procedure to inspect corporation records; require conformity with the National Electronic Signature and Agreement Act; amend and repeal various sections of the Kentucky Revised Statutes to conform; establish KRS Chapter 273B and create sections thereof to enact the “Kentucky Unincorporated Nonprofit Association Act”; establish powers of unincorporated nonprofit association; address definitions, general provisions regarding the creation, modification, termination, and duties of members and managers; establish requirements of an association’s statement of authority; specify procedures for revocation of authority; establish procedures for filing certification of association with the Secretary of State; specify procedures related to management and control of association; provide and establish procedure for conveyance of interest in real, personal, or intangible property; provide for payment of dividends to members or managers; specify procedures for winding up and termination of association; amend and repeal various sections of the Kentucky Revised Statutes to conform; amend various provisions of KRS Chapter 275's “Kentucky LLC Act” to provide for the creation of nonprofit limited liability companies.
Index Headings of Original Version	Courts - Nonprofit Corporation Act, adoption of Courts - Nonprofit LLC, provide for the creation and administration Courts - Uniform Unincorporated Nonprofit Association Act, adoption of Fees - Nonprofit Corporation Act, filing with Office of Secretary of State, fees for Licensing - Nonprofit Corporation Act, adoption of Licensing - Nonprofit LLC, provide for the creation and administration Licensing - Uniform Unincorporated Nonprofit Association Act, adoption of Secretary of State - Nonprofit Corporation Act, adoption of Secretary of State - Nonprofit LLC, provide for the creation and administration Secretary of State - Uniform Unincorporated Nonprofit Association Act, adoption of Taxation, Income--Individual - Nonprofit Corporation Act, adoption of Taxation, Income--Individual - Nonprofit LLC, provide for the creation and administration Taxation, Income--Individual - Uniform Unincorporated Nonprofit Association Act, adoption of Administrative Regulations and Proceedings - Nonprofit Corporation Act, adoption of Administrative Regulations and Proceedings - Nonprofit LLC, provide for the creation and administration Administrative Regulations and Proceedings - Uniform Unincorporated Nonprofit Association Act, adoption of Attorney, Commonwealth's - Nonprofit Corporation Act, judicial proceedings Banks and Financial Institutions - Nonprofit Corporation Act, adoption of Banks and Financial Institutions - Nonprofit LLC, provide for the creation and administration Banks and Financial Institutions - Uniform Unincorporated Nonprofit Association Act, adoption of Charitable Organizations and Institutions - Nonprofit Corporation Act, adoption of Charitable Organizations and Institutions - Nonprofit LLC, provide for the creation and administration Charitable Organizations and Institutions - Uniform Unincorporated Nonprofit Association Act, adoption of Civil Actions - Nonprofit Corporation Act, adoption of Civil Actions - Nonprofit LLC, provide for the creation and administration Civil Actions - Uniform Unincorporated Nonprofit Association Act, adoption of Civil Procedure - Nonprofit Corporation Act, adoption of Civil Procedure - Nonprofit LLC, provide for the creation and administration Civil Procedure - Uniform Unincorporated Nonprofit Association Act, adoption of Corporations - Nonprofit Corporation Act, adoption of Corporations - Nonprofit LLC, provide for the creation and administration Corporations - Uniform Unincorporated Nonprofit Association Act, adoption of

03/04/14	introduced in Senate
03/06/14	to Judiciary (S)