Mississippi Legislature

1998 Regular Session

Senate Bill 3154

[Introduced] [Passed Senate] [Sent to Governor]

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History of Actions

Background

Title

Description: Limited Liability Company Act; revise.

History of Actions:

101/19/98(S)Referred To Judiciary
201/30/98(S)Title Suff Do Pass
302/09/98(S)Passed
402/10/98(S)Transmitted To House
502/11/98(H)Referred To Judiciary A
602/24/98(H)Title Suff Do Pass
703/04/98(H)Passed
803/06/98(H)Transmitted To Senate
903/10/98(S)Enrolled Bill Signed
1003/10/98(H)Enrolled Bill Signed
1103/10/98Due From Governor 03/16/98
1203/16/98Approved by Governor

Background Information:

Effective dateJuly 1, 1998
DispositionLaw
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo
Chapter number376

Senate Committee:

House Committee:

Principal Author: Robertson

Code Sections: A 079-0012-0029, A 079-0014-0603, A 079-0014-0604, A 079-0029-0103, A 079-0029-0307, A 079-0029-0801

Title: AN ACT TO AMEND SECTION 79-12-29, MISSISSIPPI CODE OF 1972, TO BROADEN THE VICARIOUS LIABILITY SHIELD APPLICABLE TO PARTNERS IN A MISSISSIPPI LIMITED LIABILITY PARTNERSHIP; TO AMEND SECTIONS 79-14-603 AND 79-14-604, MISSISSIPPI CODE OF 1972, TO ALLOW A LIMITED PARTNER TO WITHDRAW AND RECEIVE DISTRIBUTION UPON WITHDRAWAL AS SPECIFIED IN THE PARTNERSHIP AGREEMENT; TO ALLOW DOMESTIC LIMITED PARTNERSHIPS FORMED BEFORE THE EFFECTIVE DATE OF THE ACT TO ELECT TO COME WITHIN THE PROVISIONS OF THE CHAPTER; TO AMEND SECTION 79-29-103, MISSISSIPPI CODE OF 1972, TO REVISE DEFINITIONS TO CLARIFY THAT A LIMITED LIABILITY COMPANY MAY HAVE ONE MEMBER AND TO PROVIDE THAT A LIMITED LIABILITY COMPANY AGREEMENT NEED NOT BE IN WRITING; TO AMEND SECTION 79-29-307, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A MEMBER OF A LIMITED LIABILITY COMPANY HAS NO POWER TO WITHDRAW FROM THE COMPANY UNLESS SO SPECIFIED IN THE LIMITED LIABILITY COMPANY AGREEMENT; TO AMEND SECTION 79-29-801, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A LIMITED LIABILITY COMPANY IS NOT REQUIRED TO BE DISSOLVED UPON AN EVENT OF DISASSOCIATION OF A MEMBER UNLESS A MAJORITY OF THE REMAINING MEMBERS OR SUCH OTHER NUMBER AS MAY BE PROVIDED IN THE CERTIFICATE OF FORMATION OR A LIMITED LIABILITY COMPANY AGREEMENT CONSENT TO DO SO; TO MAKE CERTAIN TRANSITIONAL PROVISIONS; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 05/05/98 at 08:48.



End Of Document

1998/History/SB\SB3154.htm