Enrolled SB 389: Relating to the conversion of certain corporations to limited liability companies; and providing for an effective date.
00Enrolled SB 389 01 Relating to the conversion of certain corporations to limited liability companies; and 02 providing for an effective date. 03 _______________ 04 * Section 1. AS 10.06 is amended by adding a new section to article 8 to read: 05 Sec. 10.06.590. Conversion to limited liability company. A domestic 06 corporation or foreign corporation may convert to a limited liability company under 07 and as allowed in AS 10.50.570. 08 * Sec. 2. AS 10.50.570(i) is amended to read: 09 (i) In this section, "other entity" means a business trust, an association, a real 10 estate investment trust, a common law trust, or any other unincorporated business, 11 including a general partnership, a registered limited liability partnership, a limited 12 partnership, a limited liability limited partnership, [AND] a foreign limited liability 13 company, and a corporation as allowed under (j) of this section. 14 * Sec. 3. AS 10.50.570 is amended by adding a new subsection to read:
01 (j) A corporation may convert to a limited liability company under this section 02 if the corporation is a subsidiary corporation that is owned directly or indirectly by one 03 or more parent corporations. 04 * Sec. 4. This Act takes effect July 1, 2004.