Impact of H.B. 134 on Ohio Corporation Law
H.B. 134 (1) Authorizes alternative standards for the election of directors of business corporations. (2) Requires that conversions of domestic corporations into other business entities and conversions of other business entities into domestic corporations be permitted by the Revised Code chapter or by the laws under which the converting entities will exist. (3) Allows a limited liability company to provide in its operating agreement or its articles of organization for the exercise of the rights of a member who dies or becomes incompetent for the purpose of settling the member’s estate or administering the member’s property. (4) Extends the shield of a partner of a registered limited liability partnership from personal liability for the obligations of the partnership. and (5) Validates meetings and votes of nonprofit corporations held by authorized telecommunications equipment on and after August 19, 2005.
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admin @ July 22, 2008