S.B. 21
         UNINCORPORATED BUSINESS ENTITIES

Senate Committee Amendments

Amendment 2 February 18, 2013 1:21 PM



Senator Lyle W. Hillyard proposes the following amendments:

1.    Page 45, Lines 1361 through 1363 :    

             1361          (ii) Title 42, Names; or
             1362          (iii) on or before
{   June 30, 2014   }        December 31, 2013       , Title 48, Partnership, and on and after      {   July   }        January       1, 2014,

             1363      Title 48, Unincorporated Business [Entities] Entity Act; or

2.    Page 47, Lines 1431 through 1433 :    

             1431          Until this chapter is repealed January 1, 2016, this chapter applies only to a partnership
             1432      formed on or before
{   June 30, 2014   }        December 31, 2013       , that has not elected to be governed by Chapter 1d, Utah

             1433      Uniform Partnership Act, as provided in Section 48-1d-1405 .

3.    Page 101, Lines 3119 through 3125 :    

             3119          (31) "Protected agreement" means:
             3120          (a) a record evidencing indebtedness and any related agreement in effect on
{   July   }        January       1,

             3121      2014;
             3122          (b) an agreement that is binding on an entity on
{   July   }        January       1, 2014;

             3123          (c) the organic rules of an entity in effect on
{   July   }        January       1, 2014; or

             3124          (d) an agreement that is binding on any of the governors or interest holders of an entity
             3125      on
{   July   }        January       1, 2014.


4.    Page 110, Lines 3388 through 3391 :    

             3388          (3) If a protected agreement contains a provision that applies to a merger of a domestic
             3389      partnership but does not refer to an interest exchange, the provision applies to an interest
             3390      exchange in which the domestic partnership is the acquired entity as if the interest exchange
             3391      were a merger until the provision is amended after
{   July   }        January       1, 2014.


5.    Page 114, Lines 3523 through 3524 :    

             3523      partnership but does not refer to a conversion, the provision applies to a conversion of the
             3524      entity as if the conversion were a merger until the provision is amended after
{   July   }        January       1,

2014.



6.    Page 119, Lines 3682 through 3683 :    

             3682      domestication of the limited liability partnership as if the domestication were a merger until the
             3683      provision is amended after
{   July   }        January       1, 2014.


7.    Page 144, Lines 4439 through 4443 :    

             4439          (1) Before January 1, 2016, this chapter governs only:
             4440          (a) a partnership formed on or after
{   July   }        January       1, 2014; and

             4441          (b) except as otherwise provided in Subsection (3), a partnership formed before
{   July   }        January       1,

             4442      2014, which elects, in the manner provided in its partnership agreement or by law for amending
             4443      the partnership agreement, to be subject to this chapter.

8.    Page 144, Line 4460 through Page 145, Line 4462 :    

             4460          Until this chapter is repealed January 1, 2016, this chapter applies only to a limited
             4461      partnership formed on or before
{   June 30, 2014   }        December 31, 2013       , that has not elected to be governed by Chapter

             4462      2e, Utah Uniform Limited Partnership Act, as provided in Section 48-2e-1205 .

9.    Page 145, Lines 4465 through 4467 :    

             4465          Until this chapter is repealed January 1, 2016, this chapter applies only to a limited
             4466      liability company formed on or before
{   June 30, 2014   }        December 31, 2013       , that has not elected to be governed by

             4467      Chapter 3a, Utah Revised Uniform Limited Liability Company Act, as provided in Section

10.    Page 216, Lines 6682 through 6689 :    

             6682          (31) "Protected agreement" means:
             6683          (a) a record evidencing indebtedness and any related agreement in effect on
{   July   }        January       1,

             6684      2014;
             6685          (b) an agreement that is binding on an entity on
{   July   }        January       1, 2014;

             6686          (c) the organic rules of an entity in effect on
{   July   }        January       1, 2014; or

             6687          (d) an agreement that is binding on any of the governors or interest holders of an entity
             6688      on
{   July   }        January       1, 2014.

             6689          (32) "Public organic record" means the record, the filing of which by the division is

11.    Page 225, Lines 6957 through 6960 :    



             6957      interest exchange in which the domestic limited partnership is the acquired entity as if the
             6958      interest exchange were a merger until the provision is amended after
{   July   }        January       1, 2014.

             6959          Section 255. Section 48-2e-1132 is enacted to read:
             6960          48-2e-1132. Plan of interest exchange.

12.    Page 230, Lines 7099 through 7102 :    

             7099      limited partnership but does not refer to a conversion, the provision applies to a conversion of
             7100      the entity as if the conversion were a merger until the provision is amended after
{   July   }        January       1, 2014.

             7101          Section 261. Section 48-2e-1142 is enacted to read:
             7102          48-2e-1142. Plan of conversion.

13.    Page 235, Lines 7257 through 7259 :    

             7257      domestication of the limited partnership as if the domestication were a merger until the
             7258      provision is amended after
{   July   }        January       1, 2014.

             7259          Section 267. Section 48-2e-1152 is enacted to read:

14.    Page 240, Line 7429 through Page 241, Line 7451 :    

             7429          (1) Before January 1, 2016, this chapter governs only:
             7430          (a) a limited partnership formed on or after
{   July   }        January       1, 2014; and

             7431          (b) except as otherwise provided in Subsections (3) and (4), a limited partnership
             7432      formed before
{   July   }        January       1, 2014, which elects, in the manner provided in its partnership agreement

             7433      or by law for amending the partnership agreement, to be subject to this chapter.
             7434          (2) Except as otherwise provided in Subsection (3), on and after January 1, 2016, this
             7435      chapter governs all limited partnerships.
             7436          (3) With respect to a limited partnership formed before
{   July   }        January       1, 2014, the following

             7437      rules apply except as the partners otherwise elect in the manner provided in the partnership
             7438      agreement or by law for amending the partnership agreement:
             7439          (a) Subsection 48-2e-104 (3) does not apply and the limited partnership has whatever
             7440      duration it had under the law applicable immediately before
{   July   }        January       1, 2014.

             7441          (b) Sections 48-2e-601 and 48-2e-602 do not apply and a limited partner has the same
             7442      right and power to dissociate from the limited partnership, with the same consequences, as
             7443      existed immediately before
{   July   }        January       1, 2014.

             7444          (c) Subsection 48-2e-603 (4) does not apply and the partners have the same right and
             7445      power to expel a general partner as existed immediately before
{   July   }        January       1, 2014.

             7446          (d) Subsection 48-2e-603 (5) does not apply and a court has the same power to expel a
             7447      general partner as the court had immediately before
{   July   }        January       1, 2014.


             7448
         (e) Subsection 48-2e-801 (1)(c) does not apply and the connection between a person's
             7449      dissociation as a general partner and the dissolution of the limited partnership is the same as
             7450      existed immediately before
{   July   }        January       1, 2014.

             7451          (4) With respect to a limited partnership that elects pursuant to Subsection (1)(b) to be

15.    Page 308, Lines 9514 through 9521 :    

             9514          (30) "Protected agreement" means:
             9515          (a) a record evidencing indebtedness and any related agreement in effect on
{   July   }        January       1,

             9516      2014;
             9517          (b) an agreement that is binding on an entity on
{   July   }        January       1, 2014;

             9518          (c) the organic rules of an entity in effect on
{   July   }        January       1, 2014; or

             9519          (d) an agreement that is binding on any of the governors or interest holders of an entity
             9520      on
{   July   }        January       1, 2014.

             9521          (31) "Public organic record" means the record the filing of which by the division is

16.    Page 316, Lines 9789 through 9791 :    

             9789      interest exchange in which the domestic limited liability company is the acquired entity as if
             9790      the interest exchange were a merger until the provision is amended after
{   July   }        January       1, 2014.

             9791          Section 370. Section 48-3a-1032 is enacted to read:

17.    Page 321, Lines 9932 through 9935 :    

             9932      limited liability company but does not refer to a conversion, the provision applies to a
             9933      conversion of the entity as if the conversion were a merger until the provision is amended after
             9934     
{   July   }        January       1, 2014.

             9935          Section 376. Section 48-3a-1042 is enacted to read:

18.    Page 326, Lines 10091 through 10094 :    

             10091      limited liability company but does not refer to a domestication, the provision applies to a
             10092      domestication of the limited liability company as if the domestication were a merger until the
             10093      provision is amended after
{   July   }        January       1, 2014.

             10094          Section 382. Section 48-3a-1052 is enacted to read:

19.    Page 350, Lines 10835 through 10839 :    

             10835          (1) Before January 1, 2016, this chapter governs only:
             10836          (a) a limited liability company formed on or after
{   July   }        January       1, 2014; and

             10837          (b) except as otherwise provided in Subsection (3), a limited liability company formed
             10838      before
{   July   }        January       1, 2014, which elects, in the manner provided in its operating agreement or by

law


             10839      for amending the operating agreement, to be subject to this chapter.

20.    Page 350, Lines 10842 through 10844 :    

             10842          (3) For the purposes of applying this chapter to a limited liability company formed
             10843      before
{   July   }        January       1, 2014:

             10844          (a) the limited liability company's articles of organization are deemed to be the limited

21.    Page 371, Lines 11485 through 11487 :    

             11485          (1) The amended sections in this bill take effect on July 1, 2013.
             11486          (2) The sections enacted in this bill take effect on
{   July   }        January       1, 2014.

             11487          (3) Section 422, Repealer, in this bill of the uncodified repealer Laws of Utah 2011,


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