Bill Summary for S 482 (2015-2016)

Summary date: 

Jun 22 2016

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 482 (Public) Filed Wednesday, March 25, 2015
AN ACT TO MAKE A TECHNICAL AND CLARIFYING CHANGE TO THE LIMITED LIABILITY COMPANY ACT AND TO FURTHER DEFINE AN EMPLOYER'S AND EMPLOYEE'S RIGHTS TO INVENTIONS INVENTED BY THE EMPLOYEE.
Intro. by Barringer, Lee.

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Bill summary

House committee substitute makes the following changes to the 2nd edition.

Changes the short title.

Recodifies GS 57D-2-30(b)(1) as GS 57D-2-30(b)(1)a. Recodifies GS 57D-2-30(b)(2) as GS 57D-2-30(b)(1)b. Recodifies GS 57D-2-30(b)(7) (which had been deleted in the previous edition) as GS 57D-2-30(b)(1)c. Makes conforming changes.

Makes technical changes to the proposed revision of GS 57D-2-30(b)(7), recodified by the act as GS 57D-2-30(b)(1)c. 

Provides that Section 1 and 2 (was, Section 1) apply to operating agreements entered into on or after the effective date of the act.

Amends GS 57D-9-20, concerning conversion, by moving the existing language to new subsection (a). Adds new subsection (b) to permit the conversion of a charitable or religious corporation to an LLC if the sole member of the surviving entity is a charitable or religious corporation. Defines charitable corporation as defined in GS 55A-1-40(4) (the North Carolina Nonprofit Corporation Act).

Changes the effective date of the act to October 1, 2016 (was, October 1, 2015). 

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