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SB677 SUB1 Senate Bill 677 History

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SB677 SUB1
COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 677

(By Senators Wells and Kessler)

____________

[Originating in the Committee on the Judiciary;

reported March 30, 2009.]

____________


A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §31B-3-303a; to amend said code by adding thereto a new section, designated §31D-8- 860a; to amend said code by adding thereto a new section, designated §31E-8-813; and to amend said code by adding thereto a new section, designated §47B-3-3a, all relating to requiring any partnership, limited liability company, nonprofit corporation or business corporation conducting business in this state and receiving funds from this state to provide to the Secretary of State for posting on the secretary's website the names of its partners, board of directors or whomever is vested with the management of the affairs of the particular entity by whatever name they may be called and the names of the partners, board of directors or whomever is vested with the management of the affairs of the particular entity by whatever name they may be called of its parent organization, if any, as is applicable to the particular entity; and ceasing of funding for failure to comply.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §31B-3-303a; that said code be amended by adding thereto a new section, designated §31D-8- 860a; that said code be amended by adding thereto a new section, designated §31E-8-813; and that said code be amended by adding thereto a new section, designated §47B-3-3a, all to read as follows:
CHAPTER 31B. UNIFORM LIMITED LIABILITY COMPANY ACT.

ARTICLE 3. RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH LIMITED LIABILITY COMPANY.
§31B-3-303a. Mandatory disclosure of names of members and managers. A limited liability company receiving funding from this state in the amount of $25,000 or more per year may not continue to receive any type of state funding unless it provides to the Secretary of State for posting on the secretary's website the names of its members and managers or whomever is vested with the management of the affairs of the limited liability company by whatever name they may be called and the names of whomever is vested with the management of the affairs by whatever name they may be called of its parent organization, if any.
Upon any complaint that the limited liability company has not provided the names to the Secretary of State, the Secretary of State shall notify the limited liability company in writing that it is in violation of this section. The notice shall inform the limited liability company that it must comply with this section within thirty days or it may not be eligible to receive further state funds.
CHAPTER 31D. WEST VIRGINIA BUSINESS CORPORATION ACT.

ARTICLE 8. DIRECTORS AND OFFICERS.
§31D-8-860a. Mandatory disclosure of names of directors of business corporations.

A corporation receiving funding from this state in the amount of $25,000 or more per year may not continue to receive any type of state funding unless it provides to the Secretary of State for posting on the secretary's website the names of the members of its board of directors or whomever is vested with the management of the affairs of the corporation and the names of whomever is vested with the management of the affairs of its parent organization by whatever name they may be called, if any.
Upon any complaint that the corporation has not provided the names to the Secretary of State, the Secretary of State shall notify the corporation in writing that the corporation is in violation of this section. The notice shall inform the corporation that it must comply with this section within thirty days or it may not be eligible to receive further state funds.
CHAPTER 31E. WEST VIRGINIA NONPROFIT CORPORATION ACT.

ARTICLE 8. DIRECTORS AND OFFICERS.
§31E-8-813. Mandatory disclosure of names of directors nonprofit corporations.

A nonprofit corporation receiving any funding from this state shall submit annually the following information to the Secretary of State for posting on the secretary's website: The names of its board of directors and officers and the names of the officers and the board of directors of its parent organization, if any. Upon any complaint that the corporation has not provided the names to the Secretary of State, the Secretary of State shall notify the nonprofit corporation in writing that the nonprofit corporation is in violation of this section. The notice shall inform the nonprofit corporation that it must comply with this section within thirty days or it may not be eligible to receive further state funds.
CHAPTER 47B. UNIFORM PARTNERSHIP ACT.

ARTICLE 3. RELATIONS OF PARTNERS TO PERSONS DEALING WITH PARTNERSHIP.

§47B-3-3a. Mandatory disclosure of names of partners.
A partnership receiving funding from this state in the amount of $25,000 or more per year may not continue to receive state funding unless it provides to the Secretary of State for posting on the secretary's website the names of its partners and the names of whomever is vested with the management of the affairs of its parent organization by whatever name they may be called, if any.
Upon any complaint that the partnership has not provided the names to the Secretary of State, the Secretary of State shall notify the partnership in writing that the partnership is in violation of this section. The notice shall inform the partnership that it must comply with this section within thirty days or it may not be eligible to receive further state funds.


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(NOTE: The purpose of this bill is to require any partnership, limited liability company, nonprofit corporation or business corporation conducting business in this state and who receives funds from this state to provide to the Secretary of State for posting on the Secretary's website the names of whomever is vested with the management of the affairs of the particular entity by whatever name they may be called and their parent organization, if any.


§31B-3-303a, §31D-8-860a, §31E-8-813 and §47B-3-3a are new; therefore, strike-throughs and underscoring have been omitted.)
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