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. This legislative change aims to enhance the scrutiny of foreign ownership in business entities operating within Wyoming, aligning state law with national security interests.

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