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Enrolled SB 389: Relating to the conversion of certain corporations to limited liability companies; and providing for an effective date.

00 Enrolled SB 389                                                                                                         
01 Relating to the conversion of certain corporations to limited liability companies; and                                  
02 providing for an effective date.                                                                                        
03                           _______________                                                                               
04    * Section 1.  AS 10.06 is amended by adding a new section to article 8 to read:                                    
05            Sec. 10.06.590.  Conversion to limited liability company.  A domestic                                      
06       corporation or foreign corporation may convert to a limited liability company under                               
07       and as allowed in AS 10.50.570.                                                                                   
08    * Sec. 2.  AS 10.50.570(i) is amended to read:                                                                     
09            (i)  In this section, "other entity" means a business trust, an association, a real                          
10       estate investment trust, a common law trust, or any other unincorporated business,                                
11       including a general partnership, a registered limited liability partnership, a limited                            
12       partnership, a limited liability limited partnership, [AND] a foreign limited liability                           
13       company, and a corporation as allowed under (j) of this section.                                              
14    * Sec. 3.  AS 10.50.570 is amended by adding a new subsection to read:                                             
01            (j)  A corporation may convert to a limited liability company under this section                             
02       if the corporation is a subsidiary corporation that is owned directly or indirectly by one                        
03       or more parent corporations.                                                                                      
04    * Sec. 4.  This Act takes effect July 1, 2004.