The bill amends existing laws regarding the administrative dissolution, revocation, and forfeiture of corporations, partnerships, and associations in Wyoming. It introduces new grounds for these actions by including provisions that allow for administrative dissolution or revocation if a corporation or limited liability company is owned or controlled by a foreign adversary, as defined by the United States Secretary of Commerce. Specifically, the bill adds language to various sections of the law, stating that ownership or control by a foreign government or foreign nongovernment person identified as a foreign adversary will be grounds for administrative action, unless such ownership or control has been approved by the Committee on Foreign Investment in the United States.

The bill modifies several sections of the Wyoming Statutes, including W.S. 17-16-1420, 17-16-1530, 17-19-1420, 17-19-1530, 17-29-705, and 17-30-904, by inserting new subparagraphs that outline these grounds for action. Additionally, it removes certain existing language that previously allowed for dissolution or revocation based on other criteria, such as failure to correct false information or inability to be served. The effective date for this act is set for July 1, 2025.