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.
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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