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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0149
Introduced 1/19/2007, by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED:
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Amends the Limited Liability Company Act. Imposes personal liability on a member or manager of a limited liability company, who, with knowledge of the dissolution of that company, creates liability for the limited liability company by an act that is not appropriate for the winding up of the company's business, to the company or any third party for any damage to the company or third party arising from the liability.
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A BILL FOR
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HB0149 |
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LRB095 03988 LCT 24050 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Limited Liability Company Act is amended by |
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| changing Section 35-7 as follows:
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| (805 ILCS 180/35-7)
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| Sec. 35-7. Member or manager's power and liability as agent |
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| after
dissolution.
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| (a) A limited liability company is bound by a member or |
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| manager's act after
dissolution that:
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| (1) is appropriate for winding up the company's |
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| business; or
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| (2) would have bound the company under Section 13-5 |
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| before dissolution,
if the other party to the transaction |
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| did not have notice of the dissolution.
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| (b) Notwithstanding Section 10-10, a
A member or manager |
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| who, with knowledge of the dissolution, creates
subjects a
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| limited liability company to liability by an act that is not |
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| appropriate for
winding up the company's business is personally |
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| liable to the company or any third party for any damage
caused |
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| to the company or third party arising from the liability.
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| (Source: P.A. 90-424, eff. 1-1-98.)
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