Senate Sponsors: CLAYBORNE-OBAMA. House Sponsors: DART Short description: SOS-BUSINESS ORGANIZATIONS Synopsis of Bill as introduced: Amends the Business Corporation Act of 1983, the General Not For Profit Corporation Act of 1986, the Limited Liability Company Act, the Uniform Partnership Act, the Revised Uniform Limited Partnership Act, and the Uniform Commercial Code. Makes numerous changes, including changes with respect to signatures on corporate documents, registered agents, corporate and assumed names, indemnification, mergers, certificates, processing of documents, fees, partnership withdrawal, and financing statements. Makes other changes. Effective July 1, 2001. SENATE AMENDMENT NO. 1. Deletes reference to: 805 ILCS 210/603 810 ILCS 5/9-516 810 ILCS 5/9-520 Adds reference to: 810 ILCS 5/9-528 new In the provisions amending the Business Corporation Act of 1983, makes changes concerning: applicability of specified provisions; withdrawal of a foreign corporation; procedure for revocation of a certificate of authority of a foreign corporation; and the annual report of a domestic or foreign corporation. In the provisions amending the General Not For Profit Corporation Act of 1986, makes changes concerning: articles of incorporation; the corporate name of a domestic or foreign corporation; applicability of specified provisions; and the annual report of a domestic or foreign corporation. In the provisions amending the Limited Liability Company Act, makes changes concerning the name of a limited liability company. In the provisions amending the Revised Uniform Limited Partnership Act, deletes provisions making changes concerning the withdrawal of a limited partner. In the provisions amending the Secured Transactions Article of the Uniform Commercial Code, deletes language making changes regarding filing and acceptance of a record and refusal to accept a record, and adds provisions concerning the liability of a filing officer. Makes other changes. HOUSE AMENDMENT NO. 1. In amendatory changes to the Limited Liability Company Act, provides that a member of a manager-managed company (instead of a member-managed company) may not dissociate from the company before its dissolution and winding up unless the operating agreement provides otherwise. Makes grammatical changes. HOUSE AMENDMENT NO. 2. Provides that the corporate name of a not-for-profit corporation must end with the letters "NFP" if the corporate name contains a word or phrase that indicates or implies that the corporation is organized for a purpose other than a purpose for which not-for-profit corporations may be organized or a purpose other than those set forth in the corporation's articles of incorporation. Last action on Bill: PUBLIC ACT.............................. 92-0033 Last action date: JUN-28-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 1 END OF INQUIRY Full Text Bill Status