HB 334 (BR 1342) - S. Brinkman
AN ACT relating to business entities.
Creates and amends various statutes relating to business entities to accomplish the following: make consistent the provisions of the corporate and other business organization acts regarding business entity names such that equivalent rules will govern the names of business corporations, nonprofit corporations, cooperatives, associations, partnerships, limited partnerships, limited liability companies, and business trusts; modify procedural rules across the various business entity acts such that they will contain equivalent if not identical provisions; update provisions of KRS Chapter 271B to reflect the more current provisions of the Model Business Corporation Act; allow limited liability companies to enter into a share exchange with a corporation, be created by conversion from a corporation, have statutory rules governing nonprofit status, and to provide for their existence after the death or other termination of their members; provide rules for business trusts to create uniformity in regard to other forms of business organizations; allow dentists to practice dentistry within a business organized as a limited liability company; receive several sections of KRS ch. 362 that were repealed with a delayed effective date in 2006 Ky. Acts. ch. 149; confirm new repeal of other sections of KRS ch. 362 that were also repealed in 2006 Ky. Acts ch. 149; confirm amendments to certain statutes whose effectiveness was made contingent upon the approval by the voters of proposed constitutional changes in 2002; and to make minor technical corrections.
HB 334 - AMENDMENTS
HFA (1, J. Vincent) - Remove provision that non-profit merger provisions only apply to mergers with domestic limited liability companies.
HFA (2, J. Vincent) - Remove provisions relating to the ownership of property in the Commonwealth which are included within the definition of transacting business contained in the Kentucky Uniform Limited Partnership Act.
SCA (1, C. Borders) - Inserts provisions of HB 181/HCS which would amend KRS 45.560 to include the definition of "equal employment opportunity job categories"; amend KRS 45.570 to clarify the classes protected against discrimination by state contractors; amend KRS 45.590 to increase the dollar amount of exempted contracts or subcontracts from $250,000 to $500,000; allow the Finance and Administration Cabinet to promulgate administrative regulations to establish additional exemptions; amend KRS 45.600 to allow the contracting agency rather than the cabinet to set the time period for submitting statements and information required by the statute; set out the information to be reported by the bidding party regarding its workforce; require the bidding party to submit a breakdown of subcontracts over $500,000; include a determination by the cabinet that the percentage of women in the bidding party's workforce reflects the percentage of available women in the area from which the bidding party's workforce is drawn and to use this determination in the cabinet's existing affirmative action process; amend KRS 45.610 to include women in the affirmative action requirements for state contractors and allow the cabinet to investigate the employment practices of any contractor or subcontractor to determine if they have violated any provision of KRS 45.560 to 45.640; and create a new section of KRS 45.560 to 45.640 to allow the Finance and Administration Cabinet to promulgate administrative regulations to carry out the provisions of KRS 45.560 to 45.640.
SCA (2, C. Borders) - Amend KRS 248.707 to include the president of Kentucky State University on the Agricultural Development Board.
SCA (3/Title, C. Borders) - Make title amendment.
Feb 7-introduced in House
Feb 12-to Judiciary (H)
Feb 14-posted in committee
Feb 21-reported favorably, 1st reading, to Calendar; floor amendments (1) and (2) filed
Feb 22-2nd reading, to Rules
Feb 26-posted for passage in the Regular Orders of the Day for Tuesday, February 27, 2007
Mar 2-3rd reading, passed 95-0
Mar 5-received in Senate
Mar 6-to Judiciary (S)
Mar 7-taken from committee; 1st reading; returned to Judiciary (S)
Mar 8-taken from committee; 2nd reading; returned to Judiciary (S)
Mar 12-reported favorably, to Rules; posted for passage in the Regular Orders of the Day for Monday, March 12
Mar 26-taken from the Regular Orders of the Day; recommitted to Appropriations & Revenue (S); reported favorably, to Rules with committee amendments (1) (2) and (3-title) ; recommitted to Appropriations & Revenue (S); reported favorably, to Rules; posted for passage in the Regular Orders of the Day for Monday, March 26, 2007; 3rd reading, passed 33-0 with committee amendments (1) (2) and (3-title) ; received in House
Mar 27-posted for passage for concurrence in Senate committee amendments (1) (2) and (3-title) ; House concurred in Senate committee amendments (1) (2) and (3-title) ; passed 98-0; enrolled, signed by each presiding officer; delivered to Governor
Apr 5-signed by Governor (Acts Ch. 137)