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ND SB2159
Bill
Status
Passed
3/17/2017
Primary Sponsor
Tom Campbell
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AI Summary
- Amends North Dakota Century Code sections 10-32.1-39 regarding limited liability company management to carve out exceptions to member consent requirements
- Member consent is not required for granting liens or security interests on all or substantially all company property and assets, whether in the usual and regular course of business
- Member consent is not required for transferring any or all company property to an organization where the company directly or indirectly owns all ownership interests through wholly owned organizations
- The amendments apply retroactively to cases arising after July 31, 2015
- Senate passed 45-0 with 2 absent; House passed 88-4 with 2 absent
Legislative Description
Management of a limited liability company; and to provide for retroactive application.
Last Action
Signed by Governor 03/15
3/17/2017
Committee Referrals
Industry, Business, and Labor1/10/2017
Full Bill Text
No bill text available