Senate Bill 529 Summary

• Expands merger rights for charitable and religious corporations to allow mergers with limited liability companies that meet specific tax-exempt status requirements, effective October 1, 2023.

• Requires all domestic and foreign nonprofit corporations to submit annual reports to the Secretary of State by November 15 each year, with no filing fee, effective January 1, 2025.

• Authorizes domestication allowing domestic nonprofit corporations to become foreign nonprofits and foreign nonprofits to become domestic nonprofits, with articles of domestication filing fees of $25.00, effective October 1, 2023.

• Modifies director requirements to allow private foundations to have one or more directors (instead of the previous minimum of three), and allows all nonprofit corporations to temporarily have fewer than three directors due to vacancies, effective October 1, 2023.

• Authorizes conversion of business entities to domestic nonprofit corporations and clarifies conversion procedures for charitable or religious corporations to limited liability companies, effective October 1, 2023.