Notes: Some of this research came from a CT Newswire (part of Wolters Kluwer Corporate Legal Services). The following is not meant to be legal advice.
California: Effective January 1, 2007, Senate Bill 1183 amends the Corporations Code. A foreign corporation shall not be considered transacting intrastate business merely because of its status as a shareholder, limited partner, member or manager of a domestic corporation, LP, LLC or a foreign corporation, LP or LLC that is transacting intrastate business.
Illinois: Effective January 1, 2007, House Bill 5376 amends the Business Corporation Act to define the term “fair value” for the purposes of the sections governing fractional shares, dissenter’s rights, and court ordered buyouts to mean the shareholder’s proportionate interest without a discount for minority status or, absent extraordinary circumstance, lack of marketability.
North Carolina: Effective January 1, 2007, Senate Bill 1479 enacts the Uniform Unincorporated Nonprofit Association Act, defining a nonprofit association, allowing nonprofits to own, transfer and receive real property, permitting the recording of a statement of authority as to real property, and allowing a nonprofit to appoint an agent to receive service of process with the Secretary of State.
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