Senate Bill 306 amends various sections of the Tennessee Code Annotated to enhance regulations regarding the filing of documents with the Secretary of State by cooperatives, corporations, limited liability companies (LLCs), and limited partnerships. The bill introduces new provisions that establish grounds for disqualification based on the submission of documents containing materially false information, as well as ownership or control by foreign entities deemed adversarial by the U.S. Secretary of Commerce. Specifically, it adds new subdivisions to existing laws that outline these criteria, ensuring that entities involved in transactions approved by the Committee on Foreign Investment in the United States are exempt from these disqualifications.

Key amendments include the replacement of existing subdivisions with new language that specifies the conditions under which a cooperative, corporation, foreign corporation, LLC, or limited partnership may be disqualified from filing documents. The bill emphasizes the importance of accurate information in filings and the potential risks posed by foreign adversaries, thereby aiming to protect the integrity of business operations within Tennessee. The act is set to take effect immediately upon becoming law, reflecting a proactive approach to regulatory compliance and national security concerns.

Statutes affected:
Introduced: 43-38-1003, 48-24-201, 48-25-301, 48-64-201, 48-65-301, 48-245-301, 48-246-501, 48-249-604, 48-249-908, 61-3-811(a), 61-3-811, 61-3-1009(a), 61-3-1009