Kentucky SB 235: AN ACT relating to business entities. Create a new section of Subchapter 4 of KRS Chapter 14A to permit, excepting certain actions, an action against an entity or foreign entity that maintains a registered office to be brought in the county where the office is situated; create a new section of KRS Chapter 275 to expel a member by judicial order under certain situations except as stated in a written operating agreement; amend 14A.1-070 to change the definition of two terms and to define new terms; amend KRS 15A-060 to establish a $15 fee for a certificate of association; amend KRS 14A.6-010 to require an unincorporated nonprofit association to file with the Secretary of State; amend 271B.8-530 to delete requirement that a director furnish a written affirmation of his or her good faith; amend KRS 271B.8-550 to add shareholders as having certain control; amend 271B.10-200 to state that a shareholder of the corporation will not have a vested property right resulting from any provision in the bylaws; amend KRS 272A.6-050, 275.260, 362.285, 362.481, 362.1-504, 362.2-703, 362.2-933, and 386A.6-060 to exempt enforcement of a judgment by certain entities; amend KRS 273A.040 to exempt certain members from a judgment or order for which members are not liable; amend KRS 275.015 to include in the definition of "nonprofit limited liability company" a requirement that in its articles of organization it has elected to be treated as a nonprofit limited liability company in accordance with KRS 275.025(6); amend KRS 275.175 to permit a written operating agreement that sets forth certain specifics; amend KRS 275.280 to state that except as set forth in a written operating agreement any dissociation of a member does not entitle the former member or assignee to any distribution; amend KRS 275.337 and 386A.6-110 to prohibit a certain derivative proceeding under certain circumstances; amend KRS 382.135 to require additional information to be on a deed to real property.

Status: Became law without Governor's Signature (Acts, ch. 193) (as of 2017-04-12)

State: Kentucky · Session: 2017RS · Bill: SB 235

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