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.
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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