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Status Report on Act [1] (March 4, 2008)

handle is hein.nccusl/nccpub01092 and id is 1 raw text is: MEMORANDUM

TO:             DRAFTING COMMITTEE ON RECORD OWNERS
OF BUSINESSES ACT
FROM:           Harry J. Haynsworth, Chair
DATE:           March 4, 2008
RE:             Status Report
This Act will not be on the agenda for final approval at the Annual Meeting this summer.
Rather it will be a First Reading with the Second Reading anticipated to take place at the
NCCUSL 2009 Annual Meeting. Thus, this Act will follow the normal two-reading approval
path.
Bill Clark is working on a revised draft that will incorporate the changes we agreed upon
at our meeting in January. It will also include any major different or additional substantive
changes to the Model Business Corporation Act recommended by the Committee on Corporate
Laws which should also be applicable to unincorporated entities.  The Corporate Laws
Committee meets in April. Bill's revised draft will be circulated for review by the Drafting
Committee. We will not have a formal meeting to discuss it, but it may be desirable to have the
Drafting Committee discuss the revision, which will become the draft considered at the July
Annual Meeting, by conference call, if a significant number of the Drafting Committee members
think this would be useful.
Federal officials continue to insist that we construct a beneficial ownership/control
recordkeeping system as part of the U.S. business entity statutes. Some of the major issues
involved in this type of proposal are outlined in a separate memorandum on this topic I recently
wrote.
HJH/nr
Attach.

2149701vl

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