06LegSummaryCommercial

Commercial Law
2006 Regular Session of the Louisiana Legislature

Authorizes conversion of business entities upon application with the secretary of state. Requires that each type of entity approve conversion in the same manner as required for mergers. (Adds R.S. 12:1601-1606)
HB 203 Pinac; Act 153; Effective 6/2/06 

Amends filing requirements for certain business organizations; allows secretary of state to implement secure Internet-form filing; allows in-person filings without notarization; allows instruments to be filed and signed electronically without notarization. (Amends R.S. 12:2)
HB 262 Pinac; Act 256; Effective 8/15/06

Adds requirement that a corporation own no immovable property as one of the qualifications for dissolution by affidavit filed with the secretary of state. (Amends R.S. 12:142.1(A))
HB 352 Gallot; Act 170; Effective 8/15/06

Law Institute. Revision of general provisions under the Louisiana Commercial laws; to revise the entirety of Chapter 1 to conform to revisions in the Uniform Commercial Code; to provide for definitions and general concepts; to provide for when value is given; to provide for usages of trade; to provide for when actions are taken within a reasonable time; to provide for the relation to Electronic Signatures in Global and National Commerce Act; to provide for the territorial applicability of the commercial laws and the parties’ power to choose applicable law; to provide for the variation of the commercial laws by agreement; to provide for obligation of good faith; to provide for prima facie evidence by third-party documents; to provide for performance or rights; to provide for the option to accelerate at will; to provide for subordinated obligations; to provide for the correction of cross referenced citations.(Amends R.S. 10:1-101-1-310, R.S. 9:3306(12) and (26), 3353(A)(8), and 9: 4770(B), R.S. 10:3-101 and 3-103(a)(10), R.S. 10:4-101, 4A-101, 4A-105(a)(6) and (7), 4A-106(a), and 4A-204(b), R.S. 10:5-101, 5-102(b), and 5-103(c), R.S. 10:7-101, R.S. 10:8-102(a)(10), and R.S. 10:9-102(a)(43), adds 10:5-102(a)(6.1))
SB 383 Dardenne; Act 533; Effective 8/15/06