Limited liability companies; derivative actions. (SB1356)

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Limited liability companies; derivative actions.  Removes a provision that allows a member of a limited liability company to bring a derivative action without first demanding that the members or managers of the limited liability company bring the action if an effort to cause the members or managers to bring the action is not likely to succeed. Without this "futility" exception, a member will be required in every case to make a demand on the limited liability company before bringing a derivative action. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2011Prefiled and ordered printed; offered 01/12/11 11102336D
01/12/2011Referred to Committee on Commerce and Labor
01/17/2011Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
01/19/2011Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/20/2011Read second time and engrossed
01/21/2011Read third time and passed Senate (35-Y 0-N) (see vote tally)
01/21/2011Reconsideration of passage agreed to by Senate (35-Y 0-N) (see vote tally)
01/21/2011Passed Senate (35-Y 0-N) (see vote tally)
02/07/2011Placed on Calendar
02/07/2011Read first time
02/07/2011Referred to Committee on Commerce and Labor
02/17/2011Reported from Commerce and Labor with amendment (21-Y 1-N) (see vote tally)
02/21/2011Read second time
02/22/2011Read third time
02/22/2011Committee amendment agreed to
02/22/2011Engrossed by House as amended
02/22/2011Passed House with amendment (96-Y 0-N)
02/22/2011VOTE: PASSAGE (96-Y 0-N) (see vote tally)
02/23/2011House amendment agreed to by Senate (40-Y 0-N) (see vote tally)
03/03/2011Enrolled
03/03/2011Bill text as passed Senate and House (SB1356ER)
03/03/2011Signed by Speaker
03/06/2011Signed by President
03/22/2011G Approved by Governor-Chapter 379 (effective 7/1/11)
03/22/2011G Acts of Assembly Chapter text (CHAP0379)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 2 minutes.