Senate Bill 306 aims to amend various sections of the Tennessee Code Annotated concerning the filing of documents with the Secretary of State by different types of entities, including cooperatives, corporations, limited liability companies (LLCs), and limited partnerships. The bill introduces new provisions that establish grounds for potential disqualification or penalties for these entities if they file documents containing materially false information or if they are owned or controlled by foreign adversaries as defined by the United States Secretary of Commerce. Specifically, the bill adds new subdivisions to existing sections that outline these conditions, ensuring that entities involved in transactions approved by the Committee on Foreign Investment in the United States are exempt from these restrictions.

Key amendments include the deletion of certain subdivisions and the insertion of new language that specifies the criteria under which an entity may be deemed in violation of the law. For instance, the bill replaces existing language regarding false information in filed documents and introduces a clear definition of foreign adversaries, aligning state law with federal regulations. The act is set to take effect immediately upon becoming law, emphasizing the urgency of addressing these issues in the context of national security and corporate governance.

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