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ND HB1045
Bill
Status
4/24/2019
Primary Sponsor
Nathan Toman
Click for details
AI Summary
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Establishes that blockchain technology and smart contracts are valid for electronic transactions, with signatures and records secured through blockchain considered electronic signatures and records.
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Defines "blockchain technology" as distributed ledger technology using cryptography that is immutable and auditable, and "smart contract" as an event-driven program that runs on a distributed ledger and can transfer assets.
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Allows corporations and limited liability companies to identify shareholders using either physical names/addresses or data addresses on blockchain networks, enabling multiple identification methods in shareholder records.
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Creates series limited liability companies effective July 1, 2020, allowing separate series of members, managers, or assets with distinct liability shields so debts of one series are enforceable only against that series' assets.
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Updates corporate record-keeping requirements to permit storage on distributed or electronic networks and allows shareholders to be identified by data addresses with network signatures rather than traditional names and addresses.
Legislative Description
Electronic transactions, filing of an annual report by corporations engaged in farming or ranching, Business Corporation Act definitions, knowledge and notice, share certificates, corporate voting list and voting trusts, acceptance of shareholder act by the corporation, corporate records, corporate dissolution procedure, and the filing of an annual report by a publicly traded corporation; and to provide an effective date.
Last Action
Signed by Governor 04/24
4/24/2019