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Statutory Updates

Arizona
House Bill 2273, an omnibus corporations and LLC cleanup bill, passed the House on June 6, 2006, and is eligible for the governor’s desk. The effective date is January 1, 2007.
http://www.azleg.gov/FormatDocument.asp?inDoc=/legtext/47leg/2r/bills/hb2273s.htm

California
The Secretary of State Business Services Division will consider written comments received by July 12, 2006, on proposed regulations for preclearance and expedited filing of documents. More information is available at http://www.ss.ca.gov/business/be_peregs.htm

Delaware
Senate Bill 322 amending the General Corporation Law passed the Senate on June 7, 2006. House Bill 445 amending the Statutory Trust Act passed the House on June 1, 2006. House Bills 414 (amending the LLC Act), 415 (LP) and 424 (partnerships) were reported out of committee on June 7, 2006. Bill status and text can be accessed from http://www.legis.state.de.us/LIS/LIS143.nsf/home?openform

Effective July 1, 2006, the DE SOS will begin using black and white certificates as the official certificate from the Division of Corporations. Colored certificates will no longer be available.

Idaho
Senate Bill 1256 effective July 1, 2006, repeals the Idaho Limited Partnership Act and enacted a new Uniform Limited Partnership Act, which applies to LPs formed or qualified in Idaho after July 1, 2006 and allows existing LPs to elect to be governed under new act. http://www3.state.id.us/oasis/S1256.html

New York
Senate Bill 6831, effective June 1, 2006, amended Chapter 767 of the Laws of 2005, requiring publication by business entities for six consecutive weeks, repealing requirement to include the names of 10 business owners, and changing the compliance period from 18 to 12 months for existing entities which failed to publish and file evidence of publication by June 1, 2006.
http://www.assembly.state.ny.us/leg/?bn=S06831&sh=t

North Carolina
Senate Bill 1377 -- which passed the Senate on May 31, 2006 and the House on June 7, 2006 -- went to governor on June 9, 2006 to amend transition provisions of Article 9 of UCC.
http://www.ncleg.net/Sessions/2005/Bills/Senate/HTML/S1377v2.html

Rhode Island
Senate Bill 2726 preserving six-month period for continuing financing statements passed the House on June 7, 2006, and went to Senate for concurrence. To access status and bill text, type in 2726 at http://dirac.rilin.state.ri.us/BillStatus/WebClass1.ASP?WCI=Index&WCE=callBillStatus&WCU&

Senate Bill 2739/House Bill 7574 amending Article 7 of UCC regarding documents of title went to the governor on June 8, 2006.

Virginia
Senate Bill 78, effective July 1, 2006, permits certain mergers with indirect subsidiaries to form a holding company without approval of shareholders of corporation or directors or shareholders of an indirect subsidiary.
http://leg1.state.va.us/cgi-bin/legp504.exe?061+ful+CHAP0363.

Senate Bill 587, effective July 1, 2006, requires renewal of name reservation 45 days prior to expiration.
http://leg1.state.va.us/cgi-bin/legp504.exe?061+ful+CHAP0505

House Bill 860, effective July 1, 2006, delays post-assessment issuance of certificates or document filings by business entities until all fees, fines, penalties, and interest have been paid by the entity.
http://leg1.state.va.us/cgi-bin/legp504.exe?061+ful+CHAP0659

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