Bill Summary for S 482 (2015-2016)

Summary date: 

Jun 30 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

Conference report makes the following changes to the 3rd edition.

Amends proposed GS 57D-9-20(b) by providing that the conversion of a charitable or religious corporation to an LLC is permitted by law (was, permitted) if the sole member of the surviving entity immediately after the conversion is a charitable or religious corporation (was, if the sole member of the surviving entity is a charitable or religious corporation). Adds that this subsection does not limit the ability of an eligible entity to convert to an LLC if otherwise permitted by law.

Adds a new section enacting new Article 11A, Conversions, in GS Chapter 55A, consisting of two Parts. The only substance is contained in Part 2 in new GS 55A-11A-10, which allows a charitable or religious corporation to convert to a domestic limited liability company if the converting charitable or religious corporation complies with the requirements of Part 2 and GS 57D-9-20 (conversion), GS 57D-9-21 (plan of conversion), and GS 57D-9-22 (filing of articles of organization and conversion by the converting entity). 

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