Plain English Breakdown
The official source material does not provide specific details on endorsements by the Secretary of State or broader updates to corporation-related laws beyond nonprofits and statutory trusts.
Changing When Nonprofit Documents Take Effect
The bill changes the date when documents for nonprofit corporations and statutory trusts become official from the day they are received to the day they are filed.
What This Bill Does
- Changes the law so that documents for nonprofits and certain trusts take effect on the filing date, not the receipt date.
Who It Names or Affects
- Nonprofit organizations
- Statutory trusts
Terms To Know
- Effective Date
- The date when a document or law starts to work officially.
- Filing
- When someone submits a document for official record keeping.
Limits and Unknowns
- The bill did not pass and will not become law.
- It does not specify what happens if the filing date is different from the receipt date.