HB 559 Limited partnerships; cancellation of certificate.
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Summary:
Limited partnerships; cancellation of partnership certificate for failure to pay annual registration fees. Establishes procedures for canceling a limited partnership's certificate for failure to pay annual registration fees. Under the bill's provisions, if a limited partnership fails to pay its annual registration fees by October 1 in the year assessed, the Virginia State Corporation Commission (SCC) will mail notice of impending certificate cancellation to the partnership. The certificate will then be cancelled by the SCC if the fee remains unpaid by December 31, and the partnership must then be dissolved and wound up. The bill provides further, however, that a limited partner in a partnership canceled for failure to pay its annual fees does not become liable as a general partner of the partnership. The bill also permits a limited partnership whose certificate has been thus canceled to have its certificate reinstated within two years of its cancellation upon payment to the SCC of late fees and a $100 reinstatement fee. Moreover, partnership liabilities incurred between cancellation and reinstatement are treated as if the cancellation had not occurred.

Full text:
01/19/96  House: Presented & ordered printed 960297260  pdf
02/28/96  House: Bill text as passed House and Senate (HB559ER)  pdf
03/25/96  Governor: Acts of Assembly Chapter text (CHAP0255)  pdf

Status:
01/19/96  House: Presented & ordered printed 960297260
01/19/96  House: Referred to Committee on Corporations, Insurance and Banking
01/25/96  House: Reported from Corp., Ins. & Banking (22-Y 0-N)
01/26/96  House: Read first time
01/29/96  House: Read second time and engrossed
01/30/96  House: Read third time and passed House (Block Vote) (99-Y 0-N)
01/30/96  House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
01/30/96  House: Communicated to Senate
01/31/96  Senate: Read first time
01/31/96  Senate: Referred to Committee on Commerce and Labor
02/19/96  Senate: Reported from Commerce and Labor (15-Y 0-N)
02/20/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/20/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/21/96  Senate: Read third time
02/21/96  Senate: Passed Senate (40-Y 0-N)
02/21/96  Senate: VOTE: PASSAGE (40-Y 0-N)
02/28/96  House: Bill text as passed House and Senate (HB559ER)
03/06/96  House: Enrolled
03/06/96  House: Signed by Speaker
03/07/96  Senate: Signed by President
03/19/96  Governor: Approved by Governor-Chapter 255 (effective 7/1/96)
03/25/96  Governor: Acts of Assembly Chapter text (CHAP0255)