Two states achieved an important business legislation milestone during the month of February. Please see below for a summary of the new laws for entities in Arkansas and Wyoming
ARKANSAS
Senate Bill 142
Entities Affected: For-Profit Corporations; Not-for-Profit Corporations
Senate Bill 142 was signed by the governor 2/13/2019. The bill allows a For-profit Corporation to convert to a Not-for-Profit Corporation. View the bill text.
WYOMING
House Bill 0070
Entities Affected: Various
House Bill 0070 was signed by the governor on 2/26/2019. This bill authorizes the Secretary of State, not later than December 31, 2021, to develop and implement a block chain based filing system for business entity and commercial filings otherwise required by law to be filed with the Secretary of State, including business entity formations and annual reports, as well as Uniform Commercial Code financing statements. View the bill text.
House Bill 0185
Entities Affected: Various
House Bill 0185 was signed by the governor on 2/26/2019. This bill authorizes a business entity, such as a corporation or limited liability company, to issue stock certificates in the form of electronic certificate tokens. "Certificate token" is defined as an electronic representation of a share of stock which contains certain information required under existing law for stock certificates (e.g., the name of the stock recipient and the number and type of shares) and which is entered into a block chain or other secure, auditable database. View the bill text.
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For informational purposes only; content does not constitute legal advice.