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FL S0602
Bill
Status
Passed
5/11/2021
Primary Sponsor
Commerce and Tourism
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AI Summary
- Changes the record inspection requirements for manager-managed LLCs so that members must meet both conditions (purpose related to member's interest and a written demand) rather than just one when seeking full company information
- Revises shareholder appraisal rights by eliminating the standalone provision for adverse amendments to voting rights, expanding appraisal rights for classes of shares authorized on or after October 1, 2003 in corporations with 100 or fewer shareholders, and adding a "comparable trading process" market exclusion based on quarterly independent valuations
- Allows corporations to prepay dissatisfied shareholders who demand payment during appraisal proceedings, with differing accrued interest rules depending on whether prepayment is made within or after 90 days of the appraisal notice, and permits courts to deny interest if the shareholder acted in bad faith
- Reduces the period during which a dissolved corporation's name is unavailable for use by another entity from 1 year to 120 days after the effective date of dissolution
- Clarifies that chapters 718 (condominiums), 719 (cooperatives), 720 (homeowners' associations), 721 (timeshares), and 723 (mobile homeowners' associations) take precedence over the not-for-profit corporation statute where conflicts exist or where those chapters otherwise provide
Legislative Description
Business Organizations
Last Action
Chapter No. 2021-13
5/11/2021
Committee Referrals
Rules3/2/2021
Judiciary2/18/2021
Commerce And Tourism1/28/2021
Full Bill Text
No bill text available