This bill amends existing laws governing corporations, partnerships, and associations in Wyoming to include new grounds for administrative dissolution, revocation, and forfeiture based on foreign adversary ownership or control. Specifically, it introduces provisions that allow the Secretary of State to dissolve or revoke the authority of a corporation or limited liability company if it is determined to be owned or controlled by a foreign government or foreign nongovernment person classified as a foreign adversary by the U.S. Secretary of Commerce, as specified in federal regulations. The bill modifies several sections of the Wyoming Statutes, including W.S. 17-16-1420, W.S. 17-16-1530, W.S. 17-19-1420, W.S. 17-19-1530, W.S. 17-29-705, and W.S. 17-30-904, to incorporate this new criterion.

In addition to the new grounds for dissolution and revocation, the bill also removes certain existing language that previously allowed for dissolution or revocation based on the inability to serve the corporation or limited liability company. The effective date for this act is set for July 1, 2025. The changes aim to enhance the state's ability to regulate business entities in light of national security concerns related to foreign adversaries.

Statutes affected:
Draft 25LSO-0116: 17-16-1420, 17-16-1530, 17-19-1530, 17-29-705, 17-30-904