North Dakota Secretary of State Rejects RULLCA

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North Dakota Secretary of State Rejects RULLCA

In a July 26, 2011, report to the North Dakota House Judiciary Committee North Dakota Secretary of State AI Jaeger summarized his office’s 2011 review of whether North Dakota should adopt the Revised Uniform Limited Liability Company Act with this statements:

“To date, the Act has been adopted in six states albeit with considerable amendments being made to the Act from the version recommended by the Uniform Law Commission. Those states are Iowa, Idaho, Nebraska, District of Columbia, Utah, and Wyoming.

Colorado and Hawaii decided not to introduce the Act. It was defeated in Indiana and Montana. During 2011, the Act was introduced in California, Kansas, New Jersey, and Minnesota. It has not been passed in any of those states. In Minnesota, the Act did not make it out of committee because of concerns that had been raised about it.

As it is, what currently exists in North Dakota law appears to be working very well for the state’s business community. . . . ‘This legislation is simply too important to be enacted without careful consideration’.”

In a May 10, 2010, report to the North Dakota House Judiciary Committee North Dakota Secretary of State AI Jaeger summarized his office’s review of whether North Dakota should adopt the Revised Uniform Limited Liability Company Act with this statements:

“In conclusion, to compromise the current laws that are not broken with the introduction of this Act at this time would be detrimental to current and proposed LLC businesses in North Dakota and to the state’s economic growth. . . . By all accounts (from citizens who have formed LLCs, accountants, legislators, the ND Secretary of State Office and other attorneys) our current statute works very well.”

By |October 19th, 2012|RULLCA Cons|0 Comments

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