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CS/SB 602: Business Organizations

GENERAL BILL by Commerce and Tourism ; Burgess

Business Organizations; Revising requirements relating to inspecting certain records of limited liability companies; revising the circumstances under which shareholders are entitled to appraisal rights and certain payments; entitling corporations to prepay a shareholder if the shareholder makes a demand for payment; revising requirements for proceedings relating to unsettled demands for payment, etc.

Effective Date: 5/7/2021
 Last Action: 5/11/2021 - Chapter No. 2021-13
Bill Text: Web Page | PDF
Senate Committee References:
  1. Commerce and Tourism (CM)
  2. Judiciary (JU)
  3. Rules (RC)

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  • Bill History

    Date Chamber Action
    1/13/2021 Senate • Filed
    1/28/2021 Senate • Referred to Commerce and Tourism; Judiciary; Rules -SJ 78
    2/8/2021 Senate • On Committee agenda-- Commerce and Tourism, 02/15/21, 3:30 pm, 110 Senate Building
    2/15/2021 Senate • CS by Commerce and Tourism; YEAS 11 NAYS 0 -SJ 178
    2/16/2021 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    2/18/2021 Senate • Now in Judiciary
    2/25/2021 Senate • On Committee agenda-- Judiciary, 03/02/21, 1:30 pm, 412 Knott Building
    3/2/2021 Senate • Introduced -SJ 78
    • Favorable by Judiciary; YEAS 11 NAYS 0 -SJ 191
    • Now in Rules
    • CS by Commerce and Tourism read 1st time -SJ 171
    3/18/2021 Senate • On Committee agenda-- Rules, 03/18/21, 9:00 am, 412 Knott Building --Not Considered
    3/22/2021 Senate • On Committee agenda-- Rules, 03/25/21, 9:00 am, 412 Knott Building
    3/25/2021 Senate • Favorable by- Rules; YEAS 17 NAYS 0 -SJ 324
    • Placed on Calendar, on 2nd reading
    4/1/2021 Senate • Placed on Special Order Calendar, 04/07/21 -SJ 378
    4/7/2021 Senate • Read 2nd time -SJ 371
    • Read 3rd time -SJ 372
    • CS passed; YEAS 39 NAYS 0 -SJ 372
    • Immediately certified -SJ 378
    4/7/2021 House • In Messages
    4/23/2021 House • Bill referred to House Calendar
    • Bill added to Special Order Calendar (4/26/2021)
    • 1st Reading (Committee Substitute 1)
    4/26/2021 House • Read 2nd time
    • Placed on 3rd reading
    • Added to Third Reading Calendar
    4/27/2021 House • Read 3rd time
    • CS passed; YEAS 115, NAYS 1
    4/27/2021 Senate • Ordered enrolled -SJ 746
    4/27/2021 House • Message sent to senate
    5/6/2021 • Signed by Officers and presented to Governor
    5/7/2021 • Approved by Governor
    5/11/2021 • Chapter No. 2021-13

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  • CS/SB 602, Enrolled (Current Bill Version) Posted 4/27/2021 at 4:00 PM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 339 (c1) Business Organizations Regulatory Reform Subcommittee Identical Last Action: 4/26/2021 H Laid on Table; companion bill(s) passed, see CS/SB 602 (Ch. 2021-13) Track This Bill

    Citations - Statutes (12)

    Citation Catchline Location in Bill Location In Bill Help
    605.0410 Records to be kept; rights of member, manager, and person dissociated to information. Page 2 (pdf)
    607.1301 Appraisal rights; definitions. Page 2 (pdf)
    607.1302 Right of shareholders to appraisal. Page 3 (pdf)
    607.1303 Assertion of rights by nominees and beneficial owners. Page 9 (pdf)
    607.1321 Notice of intent to demand payment. Page 10 (pdf)
    607.1322 Appraisal notice and form. Page 12 (pdf)
    607.1326 Procedure if shareholder is dissatisfied with offer. Page 12 (pdf)
    607.1330 Court action. Page 14 (pdf)
    607.1405 Effect of dissolution. Page 15 (pdf)
    617.0725 Quorum. Page 15 (pdf)
    617.0825 Board committees and advisory committees. Page 16 (pdf)
    617.1703 Application of chapter. Page 16 (pdf)

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  • CS/SB 602, Committee Substitute 1 Posted 2/16/2021 at 3:15 PM

    Bill Text:   Web Page | PDF
    Analyses:   Judiciary (Pre-Meeting) 3/1/2021 (pdf)
    Judiciary (Post-Meeting) 3/2/2021 (pdf)
    Rules (Pre-Meeting) 3/16/2021 (pdf)
    Rules (Post-Meeting) 3/25/2021 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 339 (c1) Business Organizations Regulatory Reform Subcommittee Identical Last Action: 4/26/2021 H Laid on Table; companion bill(s) passed, see CS/SB 602 (Ch. 2021-13) Track This Bill

    Committee Votes (2)

    Date Committee Result
    3/2/2021 1:30 PM Judiciary 11 Yeas - 0 Nays
    3/25/2021 9:00 AM Rules 17 Yeas - 0 Nays

    Floor Votes (2)

    Date Chamber Result
    4/7/2021 4:18 PM Senate 39 Yeas - 0 Nays
    4/27/2021 10:59 AM House 115 Yeas - 1 Nays

    Citations - Statutes (12)

    Citation Catchline Location in Bill Location In Bill Help
    605.0410 Records to be kept; rights of member, manager, and person dissociated to information. Page 2 (pdf)
    607.1301 Appraisal rights; definitions. Page 2 (pdf)
    607.1302 Right of shareholders to appraisal. Page 3 (pdf)
    607.1303 Assertion of rights by nominees and beneficial owners. Page 9 (pdf)
    607.1321 Notice of intent to demand payment. Page 10 (pdf)
    607.1322 Appraisal notice and form. Page 12 (pdf)
    607.1326 Procedure if shareholder is dissatisfied with offer. Page 12 (pdf)
    607.1330 Court action. Page 14 (pdf)
    607.1405 Effect of dissolution. Page 15 (pdf)
    617.0725 Quorum. Page 15 (pdf)
    617.0825 Board committees and advisory committees. Page 16 (pdf)
    617.1703 Application of chapter. Page 16 (pdf)

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  • SB 602, Original Filed Version Posted 1/13/2021 at 12:13 PM

    Bill Text:   Web Page | PDF
    Analyses:   Commerce and Tourism (Pre-Meeting) 2/12/2021 (pdf)
    Commerce and Tourism (Post-Meeting) 2/16/2021 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 339 Business Organizations Regulatory Reform Subcommittee Identical Last Action: 4/26/2021 H Laid on Table; companion bill(s) passed, see CS/SB 602 (Ch. 2021-13) Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    454720 - Amendment
    Between lines 427 and 428 insert:     		Commerce and Tourism
    (Burgess)     		2/12/2021
    1:06 PM     		Replaced by Committee Substitute
    2/16/2021     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    2/15/2021 3:30 PM Commerce and Tourism 11 Yeas - 0 Nays

    Citations - Statutes (11)

    Citation Catchline Location in Bill Location In Bill Help
    605.0410 Records to be kept; rights of member, manager, and person dissociated to information. Page 2 (pdf)
    607.1301 Appraisal rights; definitions. Page 2 (pdf)
    607.1302 Right of shareholders to appraisal. Page 3 (pdf)
    607.1303 Assertion of rights by nominees and beneficial owners. Page 9 (pdf)
    607.1321 Notice of intent to demand payment. Page 10 (pdf)
    607.1322 Appraisal notice and form. Page 12 (pdf)
    607.1326 Procedure if shareholder is dissatisfied with offer. Page 12 (pdf)
    607.1330 Court action. Page 14 (pdf)
    607.1405 Effect of dissolution. Page 15 (pdf)
    617.0825 Board committees and advisory committees. Page 15 (pdf)
    617.1703 Application of chapter. Page 16 (pdf)

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