HB4449 Summary

• Amends the Business Corporation Act to require officers signing corporate documents to verify them, adding "and verified by him or her" language to execution requirements.

• Modifies the General Not For Profit Corporation Act to add a new ground for administrative dissolution: failure to elect and maintain at least 3 directors in accordance with Section 108.10.

• Revises administrative dissolution procedures for not-for-profit corporations to clarify that failure to receive notice of delinquency does not relieve the corporation of its obligation to pay filing fees and penalties.

• Updates the Limited Liability Company Act to modify registered agent maintenance requirements, removing the 60-day deadline reference and clarifying compliance with Act provisions.

• Corrects a technical error in LLC series provisions, changing "incorporation" to "organization" to reflect proper terminology for LLC formation documents.

• Takes effect July 1, 2016.