Two states achieved an important business legislation milestone during the month of April. Please see below for a summary of the new laws for entities in Delaware and Oklahoma
House Bill 42
Entities Affected: Various
Delaware HB 42 was signed by the governor April 9, 2019. The bill eliminates the requirement under several provisions of Title 24 that applicants for professional licenses as well as adult entertainment establishments submit notarized applications. This bill changes the licensing requirements enforced by the Division of Professional Regulation to remove the notarization requirement for all licensing applications, which will make the application process more economically and logistically available. View the bill text.
Senate Bill 642
Entities Affected: Corporations
Oklahoma SB 642 was signed by the governor on April 22, 2019. The bill defines a charitable nonstock corporation as any nonprofit nonstock corporation that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code. In contrast, a nonstock corporation is defined as any corporation organized under the OGCA that is not authorized to issue capital stock. Lastly, a nonprofit nonstock corporation is a defined as a nonstock corporation that does not have membership interests. The bill will become effective November 1, 2019. View the bill text.
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For informational purposes only; content does not constitute legal advice.