| 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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