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Bill > SB69
OK SB69
OK SB69Limited liability companies; establishing appraisal rights for members of limited liability companies under certain circumstances. Effective date.
summary
Introduced
02/04/2019
02/04/2019
In Committee
02/05/2019
02/05/2019
Crossed Over
Passed
Dead
05/29/2020
05/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to limited liability companies; amending 18 O.S. 2011, Section 2054.3, which relates to appraisal rights; establishing appraisal rights for members of limited liability companies under certain circumstances; authorizing modification of certain appraisal rights; establishing exceptions to entitlement to appraisal rights; clarifying applicability of provisions; defining term; and providing an effective date.
AI Summary
This bill amends Oklahoma's limited liability company (LLC) law to establish appraisal rights for LLC members under certain circumstances. Specifically, it grants appraisal rights to members who can vote on a merger or conversion of the LLC. The bill also allows LLCs to modify, restrict, or eliminate appraisal rights in their operating agreements, and outlines exceptions where appraisal rights would not be available, such as for publicly traded or widely-held LLCs. The bill clarifies the procedures for exercising appraisal rights, and specifies that the district court has jurisdiction over any related matters. The bill will become effective on November 1, 2019.
Committee Categories
Justice
Sponsors (1)
Last Action
Second Reading referred to Judiciary (on 02/05/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb69&Session=2000 |
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